Key Macroeconomic Indicators for Base Metal Prices (2016-1-22)

SHANGHAI, Jan. 22 (SMM) –Market attention will focus on preliminary manufacturing PMI from the US, Germany and France for January, as well as US December existing home sales on Friday. 

Preliminary manufacturing PMI from the US, Germany and France are expected to be negative in January. Global economy, stock, foreign exchange and commodity markets had a bad start in 2016, boding ill for manufacturing sector. 

US pending home sales were disappointing in November 2015 and NAHB home price index missed forecast in December 2015. As such, US existing home sales are unlikely to improve in December. US existing home sales have been falling since October 2015, and fell below 5 million units in November, dimming US housing market outlook.