In and out: The U.S. trade deficit in December widened sharply to its highest level since 2012 as imports rose despite a lower energy bill, which could see the fourth-quarter growth estimate revised down. The Commerce Department says the trade deficit jumped 17.1% to $46.6 billion, the largest since November 2012. It was the biggest percentage increase since July 2009. November’s shortfall on the trade balance was revised up to $39.8 billion from a previously reported $39 billion. Economists polled by Reuters had forecast the trade deficit falling to $38 billion. When adjusted for inflation, the deficit widened to $54.7 billion from $48.7 billion in November. Read the full story.
Adversity and opportunity: About 90 companies and more than 2,100 engineers and corporate representatives will gather in The Woodlands, Texas, this week to show off new technologies they hope will save oil companies money after the second-biggest collapse in crude prices in three decades, FuelFix.com reports. At North American oil fields, producers are planning to cut a combined $37 billion, but they’ll probably cut less from production efforts than they will from drilling, says Nathan Meehan, senior executive adviser at Baker Hughes and the 2016 president of the Society of Petroleum Engineers. Read the full story.
Hindsight is 20/20: Looks like all those people who bought bond funds last year weren’t so foolish after all. As USA Today reports, long-term bond funds have clobbered many stock funds this year, thanks to plunging yields abroad. Investors poured $44 billion into bond funds last year, according to the Investment Company Institute, a funds trade group. They put just $26 billion into stock funds. So far this year, bonds have been the better bet. The average U.S. diversified stock fund has lost 0.2% through Tuesday, according to Lipper, which tracks the funds. But the average long-term government bond fund has gained 7.4%. Read the full story.
