Macro Roundup (Apr 2)

SHANGHAI, Apr 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.

Last weekend

The US dollar index edged down below 90 with limited upward momentum, while base metals rose across the board. SHFE nickel jumped over 2.5%, lead surged over 2%, tin rose 1.7%, while zinc, aluminium and copper were up some 1%.

China’s official manufacturing purchasing managers' index (PMI) rose to 51.5 in March, from 50.3 in February, better than the expected 50.6. It also marked the 20th consecutive month the index stood above the 50-point mark, which separates growth from contraction.

The services PMI came in at 54.6, compared to February's 54.4. The composite PMI stood at 54, compared to February's 52.9.

Day ahead

China’s Caixin manufacturing PMI for March stood at 51, lowest level in four months. It was below expectation at 51.7 and February’s level at 51.6.

Across the Pacific, US Markit manufacturing PMI and the ISM manufacturing PMI for March are expected to be released today.

However, exchanges are closed today in Australia, France, Germany, Italy, and Hong Kong on the second day of Easter.

The US dollar index is likely to remain rangebound with pressure today while base metals are expected to continue their upward trend.

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