SHANGHAI, Nov. 8 (SMM) –Market will eye China foreign trade data, Germany industrial output and US job openings on Tuesday.
New export order index and import index under China’s October official manufacturing PMI was 49.2 and 49.9, respectively. This indicates severe export market and poor domestic demand. Export order index under Caixin’s October manufacturing PMI grew slower. The positive impact from yuan’s depreciation could be negligible, given weak global economy, although some market players hold different opinions.
Job openings in the US might rebound in September. While preliminary US non-farm payrolls missed forecast in September and jobless rate increased, US non-farm payrolls for September were revised upwardly from 156,000 to 191,000 and September LMCI was also revised upwardly after release of October non-farm payrolls. Moreover, October non-farm payrolls were positive, reflecting heath of US labor market.
See SMM price forecast, please click: Base Metals to Eye China Trade Data and US Presidential Election, SMM Says