SHANGHAI, Jan. 26 (SMM) –Profit at China’s large industrials in December, UK’s Q4 GDP, the number of initial jobless claims and the number of continued jobless claims two weeks ago in the US, Markit’s January PMI in the US, US seasonally adjusted new home sales in December and Conference Board’s December leading indicators for the US will be released today. Base metals will stabilize today before the 2017 Chinese New Year holiday.
US seasonally adjusted new home sales in December is expected to fall. The number of initial jobless claims in the US should rise. Uncertainty over Trump’s policy weighed on the UAS dollar. US economic data may drag down the US dollar further.
Kuwait oil minister said OPEC and other oil producing countries may follow output cut agreement signed early this year, and oil supply and demand will be balanced soon. Some countries did not completely follow the agreement but will step up output cut in the following months. This will drive up oil prices but any price gains will be limited.