SHANGHAI, Dec 3 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.

Last weekend

LME base metals ended in mixed territory on Friday night with zinc as the best performer, up close to 3%. Lead jumped over 1%, aluminium rose 0.85%, nickel climbed 0.77% while copper edged down some 0.1% and tin lost about 0.4%.

SHFE base metals, however, traded higher across the board on Friday night. SHFE zinc was also the best performer and surged over 3.3%. Lead increased by 1.15%, aluminium and nickel advanced about 1.1%. Tin and copper gained some 0.4%.

The dollar strengthened on Friday night, as markets awaited the outcome of talks between the leaders of the world's two biggest economies at the G-20 summit. Chinese President Xi Jinping and US President Donald Trump agreed to a temporarily pause an escalating  trade war.

A White House statement about the leaders' dinner said that Xi and Trump discussed a range of issues, and agreed to hold off on additional tariffs on each other's after January 1, as talks continued between both countries.

Economic pressure stalled November growth in China's vast manufacturing sector, the first time in over two years. 

The purchasing managers' index (PMI) for manufacturing came in at 50, down from 50.2 in October, the National Bureau of Statistics (NBS) said on Friday. 

"The growth of the manufacturing sector slowed down, but its industrial structure continued to improve," said NBS senior statistician Zhao Qinghe.

Eurostat, the European Union's statistics office, said on Friday that November consumer prices across the eurozone rose 2% as expected, down from 2.2% the previous month. Excluding volatile items such as energy, the core rate fell to 1% on a yearly basis from 1.1%.

German annual retail sales for October rose at their strongest rate in almost a year and a half but monthly sales dropped for the fourth consecutive month, sending mixed signals about the state of household spending in Europe's largest economy.

Spending by German shoppers rose 5% on the year in October, the highest rise since May 2017, data from the Federal Statistics Office showed on Friday. On the month, retail sales decreased by 0.3%.

The Chicago PMI, also known as Chicago Business Barometer, rose to an 11-month high of 66.4 in November, from October's 58.4, boosted by new orders which stood at a 54-month high, according to a statement released Friday by the Institute for Supply Management Chicago.

The total count of drilling rigs in the US went down by three to 1,076 for the week ended November 30, according to the latest weekly survey from Baker Hughes. Oil rigs in the US gained two to 887 while gas rigs fell by five to 189.

Day ahead

Economic data slated for release today include Caxin manufacturing PMI for China, Markit manufacturing PMI for Germany, the eurozone and the US for the month of November. Market participants should also monitor the US ISM manufacturing PMI for November.