Macro Roundup (Jul 23)

SHANGHAI, Jul 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

The US dollar gave up some of its earlier gains recorded on Wednesday, as investors retreated from the safe-haven asset, following struggles by the US to reach a consensus on further stimulus measures.

LME and SHFE base metals mostly ended lower last night, relinquishing increase from the previous session. LME nickel was the worst performer with a drop of 2.79%. Zinc fell 1.89%, lead dipped 1.49%, copper shed 1.31%, aluminium lost 0.59%, and tin went flat. Investors focused on the resumption of demand in regions outside China. 

SHFE nickel slipped 1.85%, lead declined 1.66%, zinc fell 1.05%, tin lost 1.02%, copper eased 0.86% and aluminium edged down 0.03%. 

Crude oil futures finished lower on Wednesday as industry data showed a surprise build in the US inventories and a spike in coronavirus cases cast doubts over a pick-up in fuel demand. 

Escalating tensions between the world's largest economies also weighed on market sentiment after the US ordered China to close its consulate in Houston.

The Energy Information Administration reported Wednesday that US crude inventories rose by 4.9 million barrels for the week ended July 17. That compared with an average forecast for a decline of 1.9 million barrels. 

The American Petroleum Institute on Tuesday reported a climb of 7.5 million barrels.

US sales of previously owned homes rose in June for the first time in four months, rising 20.7% from the prior month to an annualized pace of 4.72 million, data from the National Association of Realtors showed Wednesday.

Compared with a year ago, however, purchases were down 3.4% on an unadjusted basis.

Key economic data slated for release today include German Gfk consumer climate index for August, the US weekly unemployment claims and eurozone consumer confidence index for July.