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Macro Roundup (Jan 31)

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Macro Roundup (Jan 31)
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Macro Roundup (Jan 31)

 

SHANGHAI, Jan 31 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

LME base metals traded higher across the board on Wednesday. Nickel jumped 1.7%, zinc and copper surged 1.2%, aluminium rose 0.4%, lead and tin gained 0.3%.

SHFE base metals traded mixed. Nickel climbed 1.3%, zinc advanced 0.9%, copper crept 0.7%, aluminium nudged up 0.04% while tin and lead edged down 0.2%.

On Wednesday, the US dollar fell to a low not seen since January 11 after the Federal Reserve held interest rates steady as expected, and sounded caution on the economy and future interest rate increases.

The Fed said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the US economic outlook. It also said it would be prepared to use the full range of tools, including altering the size and composition of its balance sheet, if the economy needed more monetary accommodation, than could be achieved with rate cuts.

Payrolls processor ADP reported on Wednesday that the US private sector added 213,000 jobs in January. That beat forecasts for gains of 178,000, but the monthly total was lower than job gains of 271,000 in December.

"The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls," said Mark Zandi, chief economist at Moody's Analytics. "As long as businesses hire strongly, the economic expansion will continue on."

Germany's headline consumer price inflation slowed more-than-expected to its lowest level in nearly a year in January, preliminary data from the Federal Statistical Office showed on Wednesday.

The consumer price index rose 1.4% year on year in January, after a 1.7% increase in December. Economists had forecast an inflation rate of 1.6%.

On a month-on-month basis, the CPI fell 0.8% in January, in line with economists' expectations. Prices edged up 0.1% in November.

The European Commission’s final consumer confidence gauge in the bloc came in at -7.9 for the current month, lower than December’s -8.3, while Germany’s consumer climate measured by GfK improved to 10.8 for the month of February.

US crude inventories rose by 919,000 barrels for the week ended January 25, the Energy Information Administration said on Wednesday, compared with analysts' expectations for an increase of 3.2 million barrels. The EIA reported a jump of 7.97 million barrels in US crude stocks for the week ended January 18.

US pending home sales dropped 2.2% from November to 99 in December, the lowest since April 2014, as the stock market correction hurt consumer confidence, the National Association of Realtors said on Wednesday.

On a year-over-year basis, contract signings fell 9.8% in December, making the 12th straight month of annual decreases.

Day ahead

Economic data slated for release today include China’s official manufacturing purchasing mangers’ index (PMI) for January, Germany’s retail sales for December and unemployment rate for January, the eurozone’s gross domestic product (GDP) growth for the fourth quarter and unemployment rate for December, the US weekly jobless claims and the Chicago PMI for January.

 
Key Words: Macroeconomics
Pub Time : 2019-01-31 10:46:08 >> News list
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