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Macro Roundup (Dec 18)
Dec 18,2018 08:39CST
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Macro Roundup

SHANGHAI, Dec 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

LME base metals traded mixed on Monday with the greatest decline in lead, down close to 1.3% on the day. Copper dipped 0.1%, nickel fell 0.4% and tin declined close to 0.7% while zinc rose about 0.7% and aluminium advanced close to 0.6%.

SHFE base metals, except for lead, gained overnight. Zinc climbed 0.9%, nickel gained 0.4%, copper and aluminium and tin inched up some 0.1%.

The US dollar on Monday fell from an 18-month high, ahead of the Federal Reserve's policy meeting this week that will likely result in an increase in interest rates but signal a more cautious tone for the economy next year.

The European Union's statistics office said on Monday that consumer prices in the eurozone eased 0.2% month on month in November for a 1.9% year-on-year increase, revised down from the previously reported 2%.

The ECB hopes to keep inflation below, but close to 2% over the medium term.

Eurostat said that inflation excluding energy and unprocessed food, a measure the ECB calls core inflation, eased 0.2% month on month for a year on year 1.1% rise against 1.2% in October.

Separately, Eurostat said the eurozone's trade surplus with the rest of the world was 1.4 billion euros in October, down from 17.8 billion a year earlier as exports jumped 11.4% year on year in October while imports surged 14.8%.

Day ahead

Chinese President Xi Jinping will speak today to mark the 40th anniversary of the country's market reforms and opening.

The Federal Open Market Committee's (FOMC) two-day policy meeting will begin today and might signal the pace of further tightening and the Fed's sense of how the economy is holding up amid a US-China trade conflict and global financial market volatility.

Germany's Ifo institute will release its monthly business confidence index today and the American Petroleum Institute (API) will report US weekly crude stocks data.


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