SHANGHAI, Oct. 24 (SMM) –Market will eye Q3 GDP in the US and UK, as well as October preliminary manufacturing PMIs from major economies in the west.
There is a good chance that manufacturing PMIs in Japan, the euro zone and US will continue mild expansion in October. Positive manufacturing PMI is reflected in industrial production, with industrial production in main members of the euro zone posting big growth in August.
It is expected that US GDP will grow 2.5% YoY, based on growth in retail sales and employment. US Q3 GDP will be released on Friday, and market optimism over this figure will support the US dollar. The US will also release September durable goods orders on Thursday.
China’s PPI returned to positive growth on a year-on-year basis in September. So, possibility is high that profit will grow at a fast pace at above-scale Chinese industrial enterprises in September.
See SMM price forecast, please click: Base Metals to Keep Diverging, SMM Says