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Other U.S. releases on the calendar this week will cover trade, factory orders, consumer credit, and wholesale inventories. Overseas, the Middle East remains in focus amid escalating tensions between the U.S. and Iran that has prompted a shift in investor risk appetites. In Europe, Germany reports on retail sales, trade, manufacturing orders, and industrial production....

The indexes for orders (46.8), employment (45.1), and production (43.2) were particularly weak, contributing to the lowest overall reading since June 2009.  Here’s what some of the ISM survey respondents had to say about business conditions in December: “Backlog of orders is shrinking due to new order pace continuing to fall.” (Computer & Electronic Products)...

Amid improved steel output, on-going shipments to Turkey, and limited scrap availability, Fastmarkets AMM reports early trading in Detroit up around $30 per ton: “The January ferrous scrap trade in the United States has officially begun, with mills in Detroit entering the market and successfully securing prime scrap and secondary scrap at a $30-per-gross-ton increase...

The latest U.S. On-Highway Diesel Fuel Prices.

On December 27, 2019 the Federal Motor Carrier Safety Administration (FMCSA) announced that it was doubling the minimum annual percentage rate for random controlled substance testing for commercial motor vehicle drivers, from 25 percent to 50 percent, effective January 1, 2020, in response to rising positive drug-testing rates. FMCSA also announced that the minimum annual...