SHANGHAI, Nov 20 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar dipped and fell to a two-week low after Federal Reserve officials expressed caution over the global growth, prompting traders to reassess the pace of future US interest rate increases.
Major technology and internet companies tumbled again on Monday, expanding losses across the US stock market. The Dow Jones Industrial Average briefly lost 500 points.
The US central bank will stick with its gradual interest rate increases, to continue economic expansion and keep inflation low, said Federal Reserve Bank of New York president John Williams.
"We'll be likely raising interest rates somewhat but it's really in the context of a very strong economy," he said at a community event in New York. "We're not on a preset course. We'll adjust how we do monetary policy to do our best to keep this economy going strong with low inflation."
Base metals closed mixed with LME nickel leading the losses and dropping 1.49%. LME aluminium fell 0.8%, zinc lost 0.42%, lead slid 0.23%, while tin jumped 1.44%, and copper rose 0.2%. SHFE copper grew 0.48%, tin increased 0.36%, lead nudged up, aluminium went flat, while nickel dipped 1.05%, and zinc went down 0.67%.
Germany will release its producer price index (PPI) for October. Bank of England governor Mark Carney and three other BoE officials will share their thoughts on the UK economy, in front of the Treasury Select Committee.