Home / Metal News / Copper / Macro Roundup (Nov 19)
Macro Roundup (Nov 19)
Nov 19,2018 09:09CST
data analysis
Source:SMM
A roundup of global macroeconomic news last weekend and what is expected today

SHANGHAI, Nov 19 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.

Last weekend

The US dollar closed lower against a basket of the currencies after Federal Reserve Vice-Chairman Richard Clarida said that the central bank has to factor in the global growth outlook as it charts policy.

He said that US interest rates are nearing their neutral levels, suggesting that the US central bank's tightening cycle may be ending soon. His comments followed those of Fed Chairman Jerome Powell, who cited the prospect of cooling global demand in a speech last Wednesday.

The pound rallied on Friday but remained under heavy pressure as UK prime minister Theresa May fought to justify the Brexit deal. Investors predict more volatile days ahead. The euro was also bolstered by hopes that Italian Prime Minister Giuseppe Conte was looking to work with the EU over his government's 2019 budget, which was rejected by Brussels.
 
Prime Minister May said on Sunday that she would seek further concessions from Brussels on the UK’s future relationship with the EU after Brexit, but that she would not reopen talks on the controversial backstop arrangement.

Base metals, except for SHFE nickel, tin and copper, rose across the board with LME lead leading the gains and closing 2.54% higher. LME zinc increased 1.91%, copper grew 0.65%, aluminium jumped 0.46%, nickel and tin inched up. SHFE zinc surged 1.14%, lead rose 0.92%, and aluminium gained 0.15%. 

US manufacturing output rose for a fifth straight month in October, shrugging off a sharp decline in motor vehicle production and suggesting underlying strength in factory activity.

The Federal Reserve said on Friday that manufacturing production increased 0.3% last month. Data for September was revised upwards to reflect growth of 0.3% at factories. 

October's rise in manufacturing production offset declines in mining and utilities output, resulting in a 0.1% gain in industrial production last month, compared to a rise 0.2% in September.

In the eurozone, final consumer price index (CPI) and final core CPI both improved in October, with readings of 2.2% and 1.1%, respectively. 

Day ahead

Economic data slated for release today include eurozone’s current account for September. Federal Reserve Bank of New York President John Williams will participate in moderated discussion with the NYC Hispanic Chamber of Commerce on Monday. 

Macroeconomics

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news