U.S. Trade Deficit Narrows Slightly More Than Expected To $69.0 Billion In May

The U.S. trade deficit narrowed by slightly more than expected in the month of May, according to a report released by the Commerce Department on Thursday.

The Commerce Department said the trade deficit decreased to $69.0 billion in May from a revised $74.4 billion in April.

Economists had expected the trade deficit to shrink to $69.8 billion compared to the $74.6 billion originally reported for the previous month.

The narrower trade deficit came amid a steep drop in the value of imports, which tumbled by 2.3 percent to $316.1 billion in May after jumping by 1.5 percent to $323.6 billion in April.

Imports of consumer goods, including pharmaceuticals, led the way lower, while imports of industrial supplies and materials also showed a notable decrease.

The report showed the value of exports also fell by 0.8 percent to $247.1 billion in May after plunging by 3.5 percent to $249.2 billion in April.

Decreases in exports of soybeans and industrial supplies and materials were partly offset by an increase in exports of automotive vehicles, parts and engines.

The Commerce Department also said the goods deficit narrowed to $91.3 billion in May from $96.0 billion in April, while the services surplus rose to $22.3 billion from $21.6 billion.

Wacker Neuson Preliminary H1 Profit Rises; Increases FY23 Guidance

Wacker Neuson Group (WKRCF.PK) said, based on preliminary figures, it generated
revenue of 698.7 million euros in the second quarter, a year-on-year growth of 26.8 percent. EBIT was 84.0 percent up at 88.9 million euros. The EBIT margin was 12.7 percent compared to 8.8 percent.

Based on initial preliminary figures, Wacker Neuson generated revenue of 1.37 billion euros in the first half of 2023, a year-on-year growth of 27.4 percent. EBIT was 101.9 percent up at 176.7 million euros. The EBIT margin was 12.9 percent compared to 8.2 percent.

For fiscal 2023, the Executive Board now expects revenue of between 2.5 billion euros and 2.7 billion euros, revised from prior guidance of 2.3 billion to 2.5 billion euros. EBIT margin is now projected in the range of 10.0 to 11.0 percent, revised from previous guidance of 9.5 to 10.5 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

European Economic News Preview: UK GDP Data Due

Monthly GDP, industrial production and foreign trade figures from the UK and the minutes of the governing council of the European Central Bank are due on Thursday.

At 2.00 am ET, the Office for National Statistics publishes UK GDP data along with industrial production and external trade reports.

The UK economy is forecast to shrink 0.4 percent on month in May, in contrast to the 0.2 percent increase in April. Economists expect industrial output to fall 0.4 percent and manufacturing output to ease 0.5 percent. The visible trade deficit is seen at GBP 14.7 billion in May compared to GBP 14.99 billion in April.

At 2.45 am ET, France’s statistical office INSEE is scheduled to issue final consumer and harmonized prices for June. The statistical office is set to confirm consumer price inflation at 4.5 percent, down from 5.1 percent in May.

At 3.00 am ET, the Czech Statistical Office releases consumer price data for June. Inflation is expected to slow to 9.8 percent from 11.1 percent in May.

At 4.30 am ET, the Bank of England releases Credit Conditions Survey results.

At 5.00 am ET, Eurostat is set to publish industrial production for May. Eurozone industrial output is expected to grow 0.3 percent on month, slower than the 1.0 percent rise in April.

In the meantime, EU summer economic forecast is due.

At 7.30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the governing council held on June 14 and 15.

Crash shuts down NB E-470 at Colfax Ave., Aurora police say

Northbound traffic on E-470 is shut down at East Colfax Avenue because of a crash in the area, Aurora police said.

The Aurora Police Department describe the incident as a “major crash,” and drivers are urged to avoid the area and use alternate routes. The crash happened at East 26th Avenue.

There were no immediate reports of injuries.

This story will be updated.

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A Fresh Look at French Wine, From the Inside Out

For the first time in 20 years, a sweeping new wine book examines France thoroughly. What’s new may be surprising.

By Eric Asimov

Thirty-Year Bond Auction Attracts Modestly Above Average Demand

Finishing off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department revealed on Thursday that this month’s auction of $18 billion worth of thirty-year bonds attracted modestly above average demand.

The thirty-year bond auction drew a high yield of 3.910 percent and a bid-to-cover ratio of 2.43.

The Treasury also sold $18 billion worth of thirty-year bonds last month, drawing a high yield of 3.908 percent and a bid-to-cover ratio of 2.52.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.37.

The Treasury also announced the details of this month’s auction of twenty-year bonds, revealing plans to sell $12.0 billion worth of twenty-year bonds. The results of the auction will be announced next Wednesday.

Last month, the Treasury also sold $12.0 billion worth of twenty-year bonds, attracting well above average demand.

The Treasury announced earlier this week that this month’s auctions of $40 billion worth of three-year notes and $32 billion worth of ten-year notes attracted above average demand.