SHANGHAI, Dec 27 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
SHFE base metals, except for aluminium, traded higher overnight. Zinc surged 1.9%, copper jumped close to 1%, lead climbed 0.8%, tin advanced 0.6% and nickel gained 0.5%.
The LME closed on Wednesday for Boxing Day.
The US dollar index recovered to 97 on Wednesday as US stocks rebounded from Christmas, though uncertainty about the US government shutdown and Federal Reserve monetary policy remained a headwind.
Stocks posted their best day in nearly a decade on Wednesday, with the Dow Jones Industrial Average notching its largest one-day point gain in history. Rallies in retail and energy shares led the gains, as Wall Street recovered the steep losses suffered in the previous session.
Oil prices also surged on Wednesday, posting its strongest daily gain in more than two years in a partial rebound from steep losses that pushed crude benchmarks to lows not seen since 2017.
Economic data slated for release today include China’s November industrial profits, US weekly initial jobless claims, October Federal Housing Finance Agency (FHFA) house price index and the Conference Board's December consumer confidence index.