Macro Roundup (Jun 27)

SHANGHAI, Jun 27 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar index, which measures the greenback against a basket of six currencies, was up 0.4% at 94.66 on Tuesday.

Most base metals rebounded overnight. LME aluminium surged over 2%, copper, lead, zinc and nickel edged up slightly while tin dipped. SHFE metals rose across the board with zinc jumping over 1%. Lead saw a smaller increase of close to 1%, copper, aluminium, nickel and tin nudged up.

The Conference Board’s US consumer confidence index fell to a reading of 126.4 in June from an upwardly revised 128.8 in May. The index was previously reported at 128 in May.

"Consumers' assessment of present-day conditions was relatively unchanged, suggesting that the level of economic growth remains strong. While expectations remain high by historical standards, the modest curtailment in optimism suggests that consumers do not foresee the economy gaining much momentum in the months ahead," said Lynn Franco, Director of Economic Indicators at the Conference Board.

Data from the American Petroleum Institute (API) showed that US crude oil inventories during the week ended June 22 sharply shrank 9.23 million barrels after falling 3.02 million barrels in the previous week, the largest weekly decline since September 2016. API gasoline inventories for the week rose by 1.15 million barrels after increasing 2.11 million barrels a week ago.

Day ahead

Key factors to watch today include China industrial profits in May, US durable goods orders, wholesale inventories, pending home sales in May as well as crude oil inventory data over the week ended June 22 from the Energy Information Administration (EIA).