SHANGHAI, Dec 5 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Both LME and SHFE base metals ended in mixed territory overnight. LME tin surged 1.7%, lead jumped 1.6%, zinc gained 0.3% while aluminium lost 0.2%, nickel fell 0.6% and copper slid 1.3%.
SHFE copper dropped over 1.4%, nickel slipped more than 1%, zinc and aluminium edged down 0.1% while lead rose close to 0.7% and tin advanced some 0.4%.
The US dollar fell broadly overnight as US Treasury yields slipped, feeding fears that the Federal Reserve could pause in its rate-hike cycle, while an inversion in part of the yield curve was taken as a red flag for a potential recession.
Earlier in the session, the US dollar index recovered to 97 following hawkish comment from New York Fed President John Williams, who argued that further gradual rate hikes were appropriate given the underlying economic strength of the US.
The American Petroleum Institute (API) reported that US crude supplies rose by 5.36 million barrels for the week ended November 30. The API data also showed stockpile increases of 3.61 million barrels in gasoline and 4.32 million barrels in distillates.
Economic data slated for release today include China’s Caixin services purchasing managers’ index (PMI) for November and the eurozone’s retail sales for October.
Testimony from US Fed Chairman Jerome Powell to Congress's Joint Economic Committee about the economic outlook scheduled for Wednesday was postponed for a national day of mourning following the death of former President George H.W. Bush. No new date for the testimony has been announced.
US stock markets will also close for the national day of mourning on Wednesday.