SHANGHAI, Dec 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Both LME and SHFE base metals closed mixed on Wednesday. LME tin jumped over 1.4%, nickel gained close to 0.4% and copper edged up 0.07% while lead lost 0.56% and zinc dropped 1.2%. LME aluminium stayed flat.
Most SHFE base metals traded lower overnight. Zinc fell close to 1%, aluminium slid some 0.3%, copper and nickel slipped 0.24% while lead climbed 0.16%. Tin traded flat.
The pound surged overnight as British Prime Minister Theresa May fended off a leadership challenge and quieted mutiny in her Conservative Party.
May won the leadership challenge by 200 votes to 117 votes in a ballot of Conservative members of parliament (MPs).
US consumer prices remained unchanged in November, held back by a sharp decline in gasoline prices, but underlying inflation pressures remained firm as rent and healthcare costs climbed.
The Labor Department said on Wednesday that November’s flat reading in its consumer price index (CPI) followed a 0.3% increase in October. It was the weakest reading in eight months.
On a yearly basis, the CPI rose 2.2% before seasonal adjustment, slowing from October's 2.5% rise.
Excluding the volatile food and energy components, the CPI increased 0.2% last month, matching October's gain. On a yearly basis, the so-called core CPI increased 2.2% after it gained 2.1% in October.
US commercial crude inventories fell by 1.2 million barrels in the week through December 7, the US Energy Information Administration (EIA) reported. This is the second weekly decline after a string of weekly increases. A draw of 7.3 million barrels was reported a week earlier.
The EIA also reported that gasoline inventories increased by 2.1 million barrels last week while distillate fuel inventories decreased by 1.5 million barrels.
Economic data slated for release today include Germany’s November consumer inflation and US November import prices as well as weekly jobless claims.
The European Central Bank will also meet today.