Metals News
Macro Roundup (Apr 17)
data analysis

SHANGHAI, Apr 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

As US treasury yield rates declined, the US dollar index fell 0.41% overnight and hovered around 89.4. Base metals rose across the board, with LME metals driving their SHFE counterparts. LME aluminium rose close to 5% and hit a new high since September 2011 at one point, on worries of supply shortages due to US sanctions on Rusal. SHFE aluminium gained over 2%.

The US retail sales rebounded in March after three consecutive months of decline as households snapped up motor vehicles and other big-ticket items. This suggested that consumer spending headed into the second quarter had some momentum. Retail sales in March rose 0.6% month on month, better than the expected 0.4%, with auto sales jumping 2%, the largest increase since September 2017.

Day ahead

Key factors to watch today include China’s annual GDP for the first quarter, the annual growth rate of firms above designated sizes, the total retail sales of consumer goods, and the urban investment in fixed assets. Eurozone data of the ZEW Indicator of Economic Sentiment in April, the US building permits in March, housing starts, and industrial production will also be released.

The US dollar is expected to weaken in the near term while base metals trade rangebound with upbeat momentum.


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macroeconomic news
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