Macro Roundup (Feb 13)

SHANGHAI, Feb 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

LME base metals, except lead, traded lower on Tuesday. Zinc and aluminium dropped 1.2%, nickel slipped 0.6%, copper fell 0.4% and tin dipped 0.1%.

SHFE base metals saw no better performance overnight. Lead plunged 1.8%, nickel slid 1.3%, zinc sank 1.2%, tin shed close to 1%, copper lost 0.5% and aluminium declined 0.2%.

The US dollar fell on Tuesday after eight days of gains, the longest in two years, as investors turned to riskier assets on optimism over the outcome of US-China trade talks.

US job openings rebounded to a record high in December, underscoring robust demand for workers.

The number of positions waiting to be filled rose by 169,000 to 7.34 million, from an upwardly revised 7.17 million in the prior month, according to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday. The quit rate remained at 2.3%, indicating confidence that job prospects remain strong.

The American Petroleum Institute (API) reported an unexpected decline in US crude oil inventories, of 998,000 barrels, for the week ended February 8. Analysts had expected an inventory buildup of 2.4 million barrels for the week. US crude stocks expanded 2.51 million barrels in the prior week.

The API also reported a build in gasoline inventories for the week ended February 8 in the amount of 746,000 barrels. Distillate inventories, however, decreased for the week by 2.48 million barrels, after increasing by 141,000 barrels in the previous week.

Day ahead

Economic data slated for release today include China’s January trade balance, the US January consumer price index (CPI) and the weekly crude inventories report from the Energy Information Administration (EIA).