SHANGHAI, Feb 27 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
LME base metals traded mixed on Tuesday. Tin dropped 0.8%, copper and nickel fell 0.3%, while lead advanced 0.6%, aluminium rose 0.7% and zinc climbed 1.2%.
SHFE base metals also saw mixed performance overnight. Tin declined 0.9% and aluminium lost 0.2% while nickel and copper gained 0.1%, lead crept inched up 0.2% and zinc crept 0.4%.
The US dollar slid to a three-week low on Tuesday, as Federal Reserve Chairman Jerome Powell repeated in prepared testimony released in advance of a hearing before the US Senate Banking Committee that the US central bank would remain "patient" in deciding on further interest rate hikes.
The greenback also benefited from a jump in the US consumer confidence index for February. The Conference Board, a business research group, said on Tuesday that its consumer confidence index rose to 131.4 this month from a revised 121.7 reading in January. The rebound in consumer confidence was likely helped by a rally in the stock market and an end to partial shutdown of the federal government.
The British pound rose following media reports Prime Minister Theresa May was considering delaying the March 29 deadline for the UK's exit from the European Union.
The Federal Housing Finance Agency (FHFA) said on Tuesday that US house prices rose 0.3% month on month in December. That is slightly lower than the 0.4% consensus forecast.
Gfk expects few changes in Germany's consumer climate for next month, despite a "steep" drop in economic expectations and dip in buying intentions, the consultancy said in a statement on Tuesday.
The consumer sentiment index for Germany is seen holding at 10.8 in March, despite a retreat in consumers' so-called “propensity to buy” and the "steep downward spiral" in economic expectations.
The American Petroleum Institute (API) on Tuesday reported an unexpected fall in US crude oil inventories of 4.2 million barrels for the week ended February 22. Analysts had predicted that crude oil inventories would rise by 3.59 million barrels, after expanding 1.26 million barrels in the previous week ended February 15.
In the week ended February 22, US gasoline inventories declined 3.8 million barrels, exceeding the expectations of a draw of 1.82 million barrels.
Economic data slated for release today include the Eurozone’s economic climate index and consumer confidence index for February, the US’ wholesale inventories, factory orders and durable goods orders for December, pending home sales for January and weekly oil inventories data from the Energy Information Administration (EIA).
Fed Chairman Jerome Powell will continue his two-day semiannual testimony before Congress today.