Macro Roundup (Feb 25)

SHANGHAI, Feb 25 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.

Last weekend

LME base metals, except for lead, traded higher on Friday. Copper rose 1.6%, zinc climbed 1.4%, tin expanded 1.2%, nickel increased by 1.1% and aluminium advanced 0.4%.

SHFE base metals ticked up across the board on Friday night. Zinc crept 1.6%, lead rose 1.3%, copper gained 1.2%, nickel climbed 1.1%, aluminium advanced 0.8% and tin inched up 0.1%.

The US dollar index fell on Friday as investors took on riskier assets on hopes for a trade deal between the US and China.

US President Donald Trump announced in a series of posts this morning that America will delay additional tariffs on Chinese goods that were initially slated for March 1. He did not mention a new deadline.

In his posts, Trump cited "substantial progress" in bilateral talks between the world's two largest economies and said he is likely to meet President Xi Jinping at Mar-a-Lago to "conclude an agreement".

It was confirmed on Friday that German gross domestic product (GDP) remained unchanged in the fourth quarter of 2018.

The Munich-based Ifo economic institute said that its business climate index for Germany slipped to 98.5 in February, its lowest since December 2014.

In the eurozone, the consumer price index (CPI), a gauge of inflation, grew 1.4% on the year in January, slowing for a third straight month.

In the US, drilling rig count dropped four units to reach 1,047 rigs for the week ended February 22, according to Baker Hughes data.

Oil-directed rigs dropped four units from a week ago to 853 units working while gas-directed rigs remained unchanged at 194.

Day ahead

Economic data slated for release today include US wholesale inventories for December.