SHANGHAI, Jul 19 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar index inched down from a three-week high but still stood above the 95 level and closed at 95.09.
Base metals mostly consolidated at low levels. LME copper and lead touched their one-year lows, and lead closed slightly lower. However, zinc jumped nearly 4.5%, the biggest one-day gain over a year, due to declining inventory and tight supply. Other base metals edged up.
The US housing starts tumbled 12.3% to a seasonally adjusted annual rate of 1.17 million units in June, the lowest level since September 2017. The month-on-month drop marked the sharpest since November 2016, indicating that tight supply is dealing a blow to the housing market.
Building permits dropped 2.2% to stand at 1.27 million last month, also the lowest level since September 2017. This compared to the expected 2.2% growth to 1.33 million units.
The US crude oil inventory unexpectedly rose 5.84 million barrels over the week ended July 13, compared with the previous drop of 12.63 million barrels, showed data from the Energy Information Administration (EIA). Meanwhile, refined oil inventory shrank 371,000 barrels, and gasoline stock increased 3.17 million barrels over the week.
The slowdown in demand for refined oil products, linked to higher oil prices and struggles of emerging markets, has dampened optimism of US refiners, according to Bloomberg senior analyst Vince Piazza.
The US jobless claims for the week ended July 14 will be one of the key factors to watch today.