SHANGHAI, Jul 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar index gained 0.48% to close at 94.96 on Federal Reserve Board chairman Jerome Powell's remarks that back more rate increases as the economy is growing "considerably stronger". Robust data from the US industrial production and home builder confidence also provided support.
Base metals saw mixed trading on the impact of trade war and slower growth of China's economy. LME aluminium lost 1.5%, copper and nickel edged down, while zinc rebounded over 1%, and lead and tin gained slightly. Copper and zinc touched a low in nearly a year overnight. Nickel and aluminium dipped to the lowest levels in four months.
The US industrial production rose 0.6% last month after falling 0.5% in May. This was buoyed by a sharp rebound in manufacturing and further gains in mining output, the latest sign of robust economic growth in the second quarter.
Mining production increased 1.2% in June, adding to the 2.2% rise in May. The rise drove the mining output to a record high.
The National Association of Home Builders' monthly confidence index was unchanged at a healthy level at 68 in July.
Key factors to watch today will be the US weekly crude oil inventories from the Energy Information Administration (EIA) and the American Petroleum Institute (API), as well as the eurozone's consumer price index (CPI) in June.