Macro Roundup (Dec 26)

Published: Dec 26, 2018 08:29

Save

Macro Roundup

SHANGHAI, Dec 26 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

SHFE base metals, except for copper and aluminium, traded lower across the board overnight. Nickel dropped some 1.3%, lead fell 1.1%, tin slid 0.7% and zinc dipped 0.1%.

The LME was closed on Tuesday for Christmas.

The US dollar fell against the safe-haven yen and Swiss franc on Tuesday as investors cut their exposure to riskier assets amid the partial US government shutdown and signs of confrontation between the White House and the Federal Reserve.

China took further steps in opening up its market on Tuesday by rolling out a shorter negative list for market access.

The latest version of the negative list for market access consists 151 items and 581 rules, down by 177 and 288, respectively, compared with the previous version.

The negative list outlines sectors, fields and businesses that are off-limits for investors. Industries not on the list are open for investment to all market players.

China started to pilot the negative-list approach in 2016 in the country's four provincial regions with free trade zones. The pilot practice was extended to another 11 provincial regions in 2017.

The country's top economic planner said the negative-list approach will help the market play the decisive role in allocating resources and enable a level playing field for all market players.

Day ahead

Some financial markets will shut for Boxing Day today.

Macroeconomics

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

11 hours ago

Rate Hike Lands, Platinum and Palladium Consolidate; Spot Market Supply Tight, Deals Near Parity [SMM Platinum and Palladium Weekly Review]

Platinum and palladium prices opened lower with a gap this week, consolidated at lows, and moved sideways after the rate hike landed, with both metals closing lower for the week. In the spot market, after futures opened sharply lower early in the week, spot platinum and palladium discounts narrowed notably. Orders from most downstream buyers recovered, as they actively inquired and purchased near short-term price lows following the futures market. Cargoes at deep discounts were cleared, and suppliers held prices firm on shipments. In the near term, platinum and palladium are likely to consolidate on a subdued note. Going forward, close attention should be paid to US Fed officials' remarks, US September inflation and employment data, and the policy path from the meeting.

11 hours ago

13 hours ago

Platinum & Palladium Compounds Weekly: Faster Spot Deliveries, Modest Domestic Auto Recovery

13 hours ago

Fed Unanimously Votes for Rate Hike, Precious Metals Face Downward Pressure

**SMM News, September 17:** Overnight, Federal Reserve members voted unanimously in favor of an interest rate hike, a rare outcome, and further consecutive rate hikes remain possible. Precious metals have been under sustained downward pressure on the back of the rate hike news, triggering a sudden pullback in rhodium prices following their earlier rally. Some market participants noted that selling liquidity has dried up markedly over the past two days, and forced liquidation at lower prices has caused rhodium to fall sharply.

13 hours ago