SHANGHAI, Sep 26 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The dollar was slightly weaker on Tuesday ahead of a Federal Reserve meeting that is widely expected to end with an interest rate hike, as investors already have priced in two more rate increases this year and some in 2019, leaving little room for further currency gains.
Both LME and SHFE base metals ended in mixed performance overnight. LME nickel rose over 1%, aluminium increased 1% while zinc edged down 0.12%, tin lost 0.19%, copper sank 0.29% and lead dropped 0.91%. SHFE copper advanced 0.72%, nickel gained 0.47%, aluminium nudged up 0.14% while tin edged down 0.22%, lead dipped 0.38% and zinc fell 0.16%.
US house prices increased in July, inching forward 0.2% from June, according to the latest monthly House Price Index from the Federal Housing Finance Agency (FHFA). The previously reported 0.2% increase in June was revised upward to 0.3%. On a yearly basis, house prices were up 6.4% in July versus 6.5% in June.
US consumer confidence rose in September, notching its highest level in about 18 years.
The Conference Board said its consumer confidence index increased to a reading of 138.4 this month from an upwardly revised 134.7 in August. That was the best reading since September 2000 and the index is not too far from an all-time high of 144.7 reached that year.
"Consumers' assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth," said Lynn Franco, director of economic indicators at the Conference Board. "These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season."
US crude inventories rose by 2.9 million barrels for the week ended September 21, compared to an expected draw in crude oil inventories of 1.675 million barrels, according to reports from the American Petroleum Institute (API). API reported a build of 1.25 million barrels of crude oil in the previous week. The API data also showed inventories of gasoline up 949,000 million barrels last week, but distillates fell by 944,000 million barrels.
The Energy Information Administration (EIA) tonight would report US crude oil stockpiles over the week ended September 21. The Federal Reserve meeting is due to conclude on early Thursday and their decision on benchmark interest rates would be announced.