SHANGHAI, Mar 5 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Last night
The US dollar increased against a basket of major currencies on traders' bets that China and the US are moving closer to a trade deal.
The greenback gained for a fourth consecutive trading day, also bolstered by the rise in US bond yields with benchmark 10-year yields hitting month-highs last week.
The US and China appeared to be close to a deal that would roll back US tariffs on at least $200 billion worth of Chinese imports, a source briefed on negotiations said on Sunday, but the timing and details for a deal remained unclear.
Base metals, except for LME nickel, declined across the board as LME aluminium led the drops and fell 2.02%. LME lead lost 1.47%, zinc dipped 1.22%, tin decreased 0.8%, copper went down 0.49%, while nickel rose 0.8%.
SHFE metals also closed lower as zinc declined 1.56%, copper slid 1.13%, nickel fell 0.82%, tin lost 0.79%, and lead and aluminium edged down.
Investor confidence in the eurozone improved in March, largely due to hopes that an upturn in Asia might help the single currency bloc, a survey showed on Monday March 4.
The Sentix research group said that its investor sentiment index for the eurozone rose to -2.2 from -3.7 in February, compared with the expected -3.1.
"This gives reason to hope that there will be no recession," Sentix managing director Manfred Huebner said in a statement. "This region (Asia) is in the best shape according to investor estimates. Should the signs of recovery intensify, they would have a positive impact on the eurozone," he said.
Huebner added that the risk of Britain leaving the eurozone this month without a deal could cast a pall over any upswing.
Day ahead
Caixin February service purchasing managers' index (PMI) for China is due today. The government work report from the two political sessions will also be followed.
The eurozone will release retail sales for January, and the US will release its ISM non-manufacturing PMI for February.
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