US DATA: May trade bal -$48.7b, almost as expected,..

US DATA: May trade bal -$48.7b, almost as expected, as imports -$1.6b
(crude oil & related -$3.6b in a second drop) and exports +$0.4b.
Exports gain was led by soybeans and electrical (+$1.4b cap goods); it
came despite nonmonetary gold at -$878m. Imports of autos +$745m to
$25b, highest on record; imports of electronics rose but consumer goods
dipped. NSA trade gap by country: China -$26b vs -$24.6b in Apr, Japan
-$6.4b vs -$6.3b, OPEC -$11.2b v -$11.53b, Mexico -$6.3b (a high since
May’08 despite lower oil) vs -$5.4b. Still no big signs of Europe’s
problems: NSA bal with EU -$10.5b vs -$8.7b. Real trade bal for Apr-May
stands about 1% worse than the Q1 avg, will cut Q2 GDP less than implied
in the April data alone.