Oct trade deficit widened to -$48.7b vs as..>

US DATA: Oct trade deficit widened to -$48.7b vs -$47.5 expected, as 

imports were a record high $244.6b, while the Sept gap was revised wider 

to -$44.9b from prev -$43.5b. 

- The Oct chained goods gap, at -$65.3b, is significantly larger than 

the -$62.0b average in 3Q, a negative for 4Q GDP.

- The BOP goods gap widened to -$69.1b in Oct, while the census goods 

gap widened to -$68.1b vs -$68.3b in the advance estimate.

- Ex-petro, the goods gap widened sharply to -$64.9b from -$60.1b, but 

the petro gap narrowed modesty to -$3.2b from -$3.9b in Sept, though 

both exports and imports rose due to a jump in prices. 

- Exports were cut modestly by sharp drops in soybeans (-$1.4b) and 

civilian aircraft (-$1.1b), offset by a jump in industrial supplies.

- Imports were lifted by crude oil (+$1.5b) and cell phones (+$0.3b) as 

the new iPhones poured into the US.