Key Macroeconomic Indicators for Base Metal Prices (2016-10-28)

Published: Oct 28, 2016 09:16

Save

A series of US economic data will come under the spotlight today.

SHANGHAI, Oct. 28 (SMM) –A series of US economic data will come under the spotlight today.
It is expected that US GDP growth will accelerate to 2.5% in Q3, and some even predict 3% growth, citing robust export growth, especially soybean exports. Besides, manufacturing PMI was stable, wholesale inventories and new home sales were positive in September, also supporting GDP growth. However, consumer products imports were poor in September, and capital investment was mild, so some market players are not quite optimistic over Q3 GDP.

The euro zone’s economic climate index was 104.9 in September, better than forecast and August, due mainly to strengthening confidence in industrial sectors in major members of the euro zone. The euro zone’s economic climate index is expected to rise further in October.

US core PCE price index and CPI have been rising since April 2015. CPI improved at faster pace in July, August and September. As such, PCE price index and core PCE price index should improve as well in Q3.

IBD’s US consumer confidence index rose more than expected in October, but the University’s Michigan’s preliminary consumer confidence index and the Conference Board’s consumer confidence index were much lower than expected in October, partly due to uncertainty over US presidential election result.

See SMM price forecast, please click: Base Metals to Subject to Market Sentiment, with Eyes on US Q3 GDP Results

base metal price forecast base metal prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Bank of Canada Holds Rates but Signals Possible Hikes if Inflation Persists

The Bank of Canada chose to hold steady earlier this month, but Governor Macklem immediately warned that if inflation remains persistently high, the central bank does not rule out multiple consecutive rate hikes. The Riksbank currently belongs to the dovish camp and is expected to keep its key policy rate unchanged at 1.75% at its meeting later this month, though the market currently also expects its rate to rise later this year.

1 hour ago

US Treasury Yields Surge to 16-Year Highs Ahead of Fed Rate Decision

As the US Fed is about to announce its interest rate decision, the sell-off in US Treasuries has intensified, with the benchmark 10-year Treasury yield climbing to its highest level since 2007. The 30-year Treasury yield, which is more sensitive to geopolitical risks, also continued to rise, reaching as high as 5.40% during the session, a new high since June 2007; the 2-year Treasury yield rose about 4 basis points to 4.68%.

1 hour ago

Trump Administration Poised to Approve Deep-Sea Mining Permits for Critical Minerals

The Trump administration has signaled it is about to approve deep-sea mining permits, part of a broader effort to expand US access to critical minerals that are widely used across many sectors of the US economy.Interior Secretary Doug Burgum said at the G20 energy ministers' meeting in Houston that permits could be issued within months, as the administration pursues an "energy growth" strategy to expand supply chains for the US and its allies.

1 hour ago