SHANGHAI, Oct 10 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.
Last night
The US dollar was flat against a basket of other currencies on Wednesday as investors digested a summary of the Federal Reserve’s meeting last month.
The minutes of the central bank’s last policy meeting showed that most Federal Reserve policymakers supported the need for an interest rate cut in September, but they remain increasingly divided on the path ahead for monetary policy.
Investors are also focused on US-China trade relations as both countries are set to hold high-level negotiations Thursday and Friday.
The US this week imposed visa restrictions on Chinese officials and placed some Chinese companies on a blacklist. But a Bloomberg report on Wednesday said that China is still open to agreeing a partial trade deal, citing an official with direct knowledge of the talks.
Hopes of progress in ending the US-China trade war, combined with Turkey’s beginning of an offensive in Syria that could disrupt crude production in the region, buoyed oil prices overnight, but an increase in US crude inventories limited gains.
The US Energy Information Administration said Wednesday that US crude inventories grew more than expected last week, rising by 2.9 million barrels, compared with analysts’ expectations for an increase of 1.4 million barrels.
LME base metals closed mixed on Wednesday. Zinc advanced 1%, lead and tin gained 0.2%, and copper inched up close to 0.1%, while aluminium dipped 0.03%, and nickel fell 0.6%.
The SHFE complex also saw mixed performance overnight. Zinc rose 1%, and tin edged up 0.04%, while copper shed close to 0.2%, aluminium declined 0.4%, lead slipped 0.7% and nickel dropped 1.5%.
US wholesale inventories rose 0.2% in August instead of the previously reported 0.4% gain, the Commerce Department said on Wednesday.
US job openings fell in August for the third straight month and hit a one-and-a-half-year low, according to the Labor Department. American employers advertised 7.1 million available jobs in August, down from 7.2 million available jobs in July.
Day ahead
Economic data slated for release today include German August trade account, US weekly jobless claims and September consumer inflation.
