SHANGHAI, Sep 19 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar index rebounded as it recovered from earlier weakness that came after China responded with new tariffs on $60 billion worth of US goods. Meanwhile, US Treasury yields were also on the rise, to their highest since May for the 10-year bond.
Base metals increased for the most part. LME copper led the gains and surged 2.36%, zinc rose 1.8%, nickel jumped 0.69%, SHFE copper grew 1.91%, zinc went up 0.44%, and nickel closed 0.16% higher.
The US NAHB homebuilder sentiment indicates signs of stabilizing in September. The index remained stable at 67 for September, a level in line with further rises in homebuilding activity.
The American Petroleum Institute (API) reported that US crude supplies increased by 1.249 million barrels for the week ended September 14. The build comes after a sizable decline of 8.6 million barrels for the week ended September 7.
The build-up was likely a result of Tropical storm Gordon, said Phil Flynn, a senior market analyst at Price Futures Group, The API data also showed supplies of gasoline declined 1.485 barrels, while distillate stockpiles climbed by 1.536 million barrels.
Market participants should monitor data including the US current account for the second quarter and its EIA weekly crude oil inventory.