Macro Roundup (Dec 6)

SHANGHAI, Dec 6 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

Both LME and SHFE base metals ended in mixed territory overnight. LME zinc surged 1.5%, nickel rose 0.8%, copper gained 0.4% and aluminium inched up 0.15% while tin edged down 0.1% and lead slid 0.35%.

SHFE zinc jumped 1.2%, nickel climbed 0.17% and lead edged up 0.11% while tin dipped 0.07%, copper slipped 0.22% and aluminium fell 0.33%.

The US dollar index recovered to 97 on Wednesday as support from  the stronger euro and yen faded.

The Canadian dollar fell to an 18-month low against its US counterpart as investors slashed expectations for further interest rate hikes from the Bank of Canada after the central bank kept its key rate unchanged at 1.75%.

China’s services sector grew at its quickest pace in five months in November thanks to an uptick in new orders, a private survey released on Wednesday showed, although the outlook for businesses over the next year worsened for the third month.

The Caixin services purchasing managers’ index (PMI) rose to 53.8 in November from 50.8 in October, well above the 50 separating growth from contraction.

Eurozone retail sales grew in October after decreasing in the previous month, preliminary data from Eurostat showed on Wednesday.

Retail sales grew 0.3% from September, when they fell 0.5%, after stagnation reported earlier was revised. 

On a year-on-year basis, retail sales increased 1.7% in October after a 0.3% increase in September, which was revised from 0.8%. 

Day ahead

Economic data slated for release today include US November ADP private payrolls report, weekly initial jobless claims, October trade balance, November ISM services index, October factory orders and durable goods orders.

OPEC and other top oil producing countries are set to meet later on Thursday in Austria.