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SHANGHAI, Oct 19 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Last night
The US dollar index traded at a week-high on Thursday as US Treasury yields traded near multiyear highs, after minutes from the Federal Reserve's September meeting showed that Fed policymakers remained largely united on further raising interst rates. That came despite US President Donald Trump's view that interest rate hikes have already gone too far.
LME base metals ended in negative territory across the board on Thursday. Lead led the decreases with a loss of 1.7%. Copper dropped 1.4%, aluminium slid 0.77%, tin and nickel lost some 0.5% and zinc edged down 0.04%.
SHFE base metals ended mixed overnight. Lead fell over 1%, tin sank 0.52%, copper dipped 0.28%, and zinc edged down 0.16% while nickel nudged up 0.05% and aluminium gained 0.21%.
New applications for US unemployment benefits dropped last week and the number of Americans on jobless rolls fell back to levels last seen in 1973, suggesting a further tightening in labour market conditions. A strong labour market and robust economy were the likely reasons that kept the Fed on course to increase interest rates again in December.
Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 210,000 for the week ended October 13, the Labor Department said on Thursday. The Labor Department said that claims for North and South Carolina continued to be affected by Hurricane Florence, which slammed into the region in mid-September. Claims for Florida were impacted by Hurricane Michael.
Day ahead
Today, China will release its gross domestic product (GDP) figures for the third quarter of 2018 as well as industrial production, retail sales, fixed asset investment for September. The US would release its existing home sales numbers for September.
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