Metals News
Macro Roundup (Apr 23)
data analysis
Apr 23,2018

SHANGHAI, Apr 23 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.

Last weekend

As the US treasury yield surged, the US dollar index closed at 90.33 last Friday night, up 0.58% over the week. It recorded a two-week high of 90.48 at one point.

Base metals performed relatively weakly with mixed trading. SHFE nickel continued to weaken over 1%, aluminium dropped close to 1%, and other SHFE base metals futures inched up slightly. LME nickel slid over 1% while lead dipped. LME aluminium rebounded slightly.

The preliminary consumer confidence index (CCI) for eurozone turned to positive readings and came in at 0.4 in April, better than the expected -0.1 and March’s reading at 0.1.

Jens Weidmann, president of the German Federal Bank, stated that international trade was “not a zero-sum game”. Protectionism may hamper the prosperity of economies and productivity. The eurozone’s economy was not at a turning point in the first quarter, he added.

The number of active US rigs grew 5 units to 1,013 units in total over the week ended April 20, with natural gas rigs unchanged at 192 units and oil rigs up 5 units to 820 units, according to data from Baker Hughes.

Day ahead

The Markit manufacturing purchasing managers’ index (PMI) for the US and the eurozone in April as well as US pending home sales in March are the key factors to watch today.

The preliminary manufacturing PMI in April for Germany was estimated at 58.2, and that for the eurozone at 56.6.

The US preliminary manufacturing PMI is estimated at 55.6 in April, flat from March.

The US pending home sales is forecast to rise to 5.57 million in March, from 5.54 million in February.

Despite the influence from the trade war, the US dollar is expected to remain strongly rangebound today. However, base metals are likely to continue their weak trends today.


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