SHANGHAI, Aug 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The dollar index, which measures the greenback against a basket of currencies, rose past 95 on Thursday as trade tension between the US and China grew.
China's offshore yuan extended its decline to 6.8798 yuan overnight.
LME base metals closed mixed on Thursday. Zinc jumped over 1%, copper and lead inched up while nickel edged down 0.3%, aluminium and tin fell close to 0.7%. SHFE base metals saw a mixed performance overnight. Zinc gained 0.45%, copper and aluminium nudged up 0.14% while tin slid 0.36%, lead slipped 0.88% and nickel dropped over 1%.
The number of Americans filing for unemployment benefits rose less than expected last week, suggesting sustained strength in the labour market.
US initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 218,000 for the week ended July 28, the Labor Department said on Thursday. The figure was estimated to rise to 220,000 in the latest week.
The claims report also showed the number of people receiving benefits after an initial week of aid fell 23,000 to 1.72 million in the week ended July 21.
New orders for US-made goods rose for a second straight month in June, but business spending plans on equipment less robust than expected, suggesting a potential further slowdown was likely in the third quarter.
Factory goods orders increased 0.7% from a month ago in June, boosted by strong demand for transportation equipment, electrical equipment, appliances and components as well as computers and electronic products, the Commerce Department said on Thursday. The increase was in line with economists' expectations.
But there are signs that manufacturing, which accounts for about 12% of the US economy, is starting to slow as rising shortages of workers and import tariffs put pressure on the supply chain.
The Commerce Department also said that June orders for non-defence capital goods excluding aircraft, which are seen as a measure of business spending plans, rose 0.2% month on month instead of increasing 0.6% as reported last month.
Key factors to watch today will be China Caixin services purchasing managers’ index (PMI), eurozone retail sales growth in June, US trade balance in June, nonfarm payrolls report and ISM services PMI in July.