SHANGHAI, Mar 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar slipped into negative territory, following an anticipated retail sales report that drew little reaction from the greenback. Traders focused on a robust pound, which rallied as traders awaited a key Brexit vote.
Base metals closed mixed as LME zinc gained over 1%, copper increased 0.41%, while tin and nickel lost more than 1%, aluminium fell 0.51%, and lead declined 0.36%. SHFE zinc rose 0.64%, copper jumped 0.24%, aluminium and lead climbed, while nickel decreased over 1%, and tin dipped 0.41%.
US retail sales rose 0.2% in January, while the December reading of -1.2% was revised to -1.6%. January figures, excluding cars and gas, rose 0.9% and 1.2%, respectively.
"Retail sales were better, which means the economy isn't necessarily slowing as quickly as some have suggested," said Bart Melek, head of commodity strategies at TD Securities in Toronto.
The data could prompt a less dovish stance from the US Federal Reserve, Melek added. Fed Chairman Jerome Powell on Sunday emphasized that he would closely monitor how a slowing global economy affects conditions in the US in order to decide the future of its interest rate path.
German industrial production declined in January, missing forecasts, and exports were flat, a sign that Europe's largest economy continues to flounder.
The German Federal Statistical Office, Destatis, said on Monday that total industrial output, including output in manufacturing, energy and construction, declined 0.8% from December. This missed economists' forecast of a gain of 0.5%.
Reflecting the trend, Destatis said that German exports were flat in December compared with November, whereas imports rose 1.5%.
Germany's adjusted trade surplus, which is the balance of exports and imports of goods, narrowed to €18.5 billion ($20.8 billion) from €19.9 billion in December last year.
The US will release data on its consumer price index (CPI) for February and weekly crude oil inventories by the American Petroleum Institute (API).