SHANGHAI, Aug. 21 (SMM) – US initial jobless claims number in the week ending Aug. 15 stood at 277,000, above the expected 271,000. July’s annualized homes sales came in at 5.59 million, an eight-year high. Philadelphia Fed manufacturing index for August beat forecast but was still at a low level. July’s conference board leading economic indicators decreased 0.2% from June, missing estimate. As notably, economic indicators from US were mixed. That, together with global economy slowdown, weakened market expectation for the Fed’s interest rate hike. US dollar index fell back and base metals prices were thus supported.
The People’s Bank of China implemented RMB 120 billion in reverse repurchasing for seven days with the bidder rate flat at 2.5%. The PBOC continued to inject liquidity into market to boost economy growth.
Greek Prime Minister Tsipras submitted his resignation to Greece president and required a general election as soon as possible, but the date was uncertain.
Wars broke out again on the Korean Peninsula. North Korea and South Korea have entered into a state of war, which fueled risk aversion in market.
US dollar index was down 0.73% while EUR:USD grew 1.09%. European and US stocks slumped. LME base metals all increased expect tin and nickel.