SHANGHAI, Sept. 28 (SMM) – Major economic indicators from the US were mixed last Friday. University of Michigan’s CCI was 87.2 in September, higher than the 86.5 expected and flash 85.7. But the numbers were still the lowest since October 2014. Annualized GDP growth was 3.9%, beating the 3.7% expected. US House Speaker John Boehner unexpectedly stepped down. Analysts believe this may delay a government shutdown to December. Strong growth in the US means the Fed will likely increase interest rate later this year. This bolstered the US dollar.
The National Development & Reform Commission (NDRC) announced domestic rail freight volume was 2.26 billion mt in the first eight months of this year, down 10.9% YoY. Freight volume in August was 280 million mt, down 15.3% YoY. The drop reflects sluggish economy in China and weighed on commodities.
The US dollar rose 0.32%. The euro against the US dollar dropped 0.28%. US stocks were mixed, with European stocks mostly increasing. LME base metals prices fell except for nickel.