Afternoon Coffee: Demand for Durable Goods Falls in December, Russia Proposes Oil Production Cuts


Orders for durable goods fell in December by a seasonally adjusted 5.1%, according to the Commerce Department. Durable goods orders were down 3.5% for 2015 overall.

Russia proposed cutting oil output by about 500,000 barrels a day. The announcement by Russian Energy Minister Alexander Novak helped push oil prices up slightly.

Chinese e-commerce giant Alibaba reported its profit doubled and sales were up about 25% in the latest quarter. Gross merchandise volume hit $149 billion for the three-month period ending in December.  

The National Retail Federation recently sent a letter of recommendations to the Department of Transportation to improve U.S. port performance. The organization said it is concerned with ongoing congestions at the ports, which is impacting the supply chain and NRF members.

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