SHANGHAI, Feb 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
LME base metals, except for lead, traded higher on Wednesday. Aluminium and tin expanded 0.5%, copper gained 0.3%, nickel inched up 0.08%, zinc nudged up 0.02% while lead dropped some 1%.
Most SHFE base metals saw gains overnight. Lead climbed 0.9%, aluminium and copper gained some 0.2%, nickel advanced 0.1% and tin edged up 0.01% while zinc lost 0.4%.
The US dollar rose slightly on Wednesday, reversing losses from the previous day, thanks to an increase in a measure of inflation excluding energy prices.
The US Labor Department on Wednesday reported that its consumer price index (CPI) remained unchanged for the third straight month in January, held down by cheaper gasoline. But excluding the volatile food and energy components, the CPI gained 0.2%, rising by the same margin for a fifth straight month.
On a yearly basis, the CPI rose 1.6% last month, the smallest gain since June 2017, while the so-called core CPI rose 2.2% for a third straight month.
US crude stockpiles climbed by 3.6 million barrels in the week through February 8, the Energy Information Administration (EIA) reported on Wednesday, compared with analysts' expectations for an increase of 2.4 million barrels.
The EIA also reported that gasoline inventories increased by 408,000 barrels last week, and distillate inventories increased by 1.2 million barrels.
Economic data slated for release today include China's trade balance for January, total social financing and M2 money supply, Germany’s and the eurozone’s fourth-quarter gross domestic product (GDP) growth, the US' January producer price index (PPI), December retail sales and weekly jobless claims.
US and Chinese negotiators begin two days of trade talks in Beijing today. It was reported on Wednesday that China's President Xi Jinping will meet with US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on Friday.