SHANGHAI, Apr 9 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
LME base metals traded mixed on Monday. Copper saw the biggest gain of 1.4%, nickel rose 1.1% and lead gained 0.2% while tin dipped 0.05%, aluminium fell 0.5% and zinc declined 0.7%.
SHFE base metals also saw mixed performance overnight. Copper advanced 0.3%, and nickel inched up 0.1% while tin edged down 0.04%, lead lost 0.1%, aluminium fell 0.3% and zinc dropped close to 1%.
The US dollar declined against a basket of currencies on Monday as recent strong economic data eased concerns about the global economy, prompting investors to reduce safe-haven positions in the greenback.
Oil prices rose to a five-month high on Monday, driven by expectations of tighter global supply from unrest in Libya, OPEC-led cuts and US sanctions against Iran and Venezuela.
New orders for US-made goods dipped in February, reflecting some weakness in manufacturing.
Factory goods orders slipped 0.5% in February, the Commerce Department said on Monday. The decline stemmed from weak orders for machinery, equipment and computers and electronics. Data for January was revised downwards instead of the initial 0.1% increase.
Economists polled by Reuters had forecast factory orders falling 0.6% in February. Factory orders in February rose 2.4% from a year ago.
German imports and exports fell more than expected in February, official data showed Monday. The Federal Statistics Office said that seasonally adjusted exports were down by 1.3% on the month, the biggest drop in 12 months, while imports fell 1.6%.
Germany's trade surplus edged up to 18.7 billion euros from a revised 18.6 billion euros the previous month.
A Reuters poll of economists had pointed to a 0.5% decrease in exports and a 0.7% decline in imports. The trade surplus was expected to narrow to 18 billion euros.
Investor confidence in the eurozone improved in April and climbed to its highest level since November, a survey showed on Monday.
The Sentix research group said that its investor sentiment index for the bloc rose to -0.3 from -2.2 in March. Analysts had expected a reading of -2.1.
China will release its total social financing (TSF) and M2 money supply for March while the US will release the Job Openings and Labor Turnover survey (JOLTS) job openings for February and weekly crude oil inventory data from the American Petroleum Institute (API).