SHANGHAI, Mar 26 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar traded lower as the US government bond yields extended their decline from last week on fears of slower global growth.
British lawmakers temporarily seized control of the Brexit process from Prime Minister Theresa May, in a rare move that puts lawmakers in the driver's seat.
MPs defied the government on Monday evening to vote 329 to 302 in favour of an amendment giving them control of Parliament's agenda on Wednesday and clearing the way for a series of alternative votes to May's widely criticized withdrawal agreement with the EU.
Base metals ended mixed as LME zinc grew 0.66%, copper increased 0.16%, tin inched up, while lead lost 1.18%, aluminum fell 0.92%, and nickel declined 0.15%. SHFE aluminium and tin slid 0.4%, lead dropped 0.3%, nickel went down 0.18%, copper fell 0.12%, while zinc jumped 1.17%.
Germany's IFO Institute said that its business climate index rose to 99.6, beating the expected 98.5 and ending six consecutive months of decline. The IFO data briefly lifted German 10-year yields into positive territory and helped European shares.
"The German economy is resisting the current economic downturn", said Ifo president Clemens Fuest.
For services, the German business climate index rose "considerably" from 21.3 to 26 points in March, which the German economic institute said was due to "noticeably more optimistic expectations".
"The service providers assessed their already very good business situation even better," said Fuest.
The US will release data of its housing starts and construction permits for February, its house price index for January from the Federal Housing Finance Agency (FHFA), and its Conference Board consumer confidence index for March. Germany will release its Gfk consumer confidence index for April.