SHANGHAI, Apr 24 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
LME base metals, except for aluminium, traded lower on Tuesday as the US dollar strengthened. Nickel and tin dropped close to 2%, zinc declined 1.6%, lead fell 0.9% and copper slipped 0.8%.
SHFE base metals fell across the board overnight. Zinc and nickel lost some 1%, lead sank 0.8%, aluminium decreased by 0.4%, tin and copper collapsed 0.2%.
The return from the Easter holiday and upbeat data for new home sales in the US shored up the greenback on Tuesday, with the index climbing to 97.783, the highest since June 2017.
The Commerce Department said on Tuesday that sales of new US single-family homes increased 4.5% to a seasonally adjusted annual rate of 692,000 units in March, the highest level since November 2017.
It was the third straight monthly increase in new home sales. Sales in February was revised down to 662,000 units from the previously reported 667,000 units.
Economists polled by Reuters had forecast new home sales, which account for about 11.7% of housing market sales, decreasing 2.5% to 650,000 units in March.
Inflation of home prices is slowing. A separate report on Tuesday showed the Federal Housing Finance Agency (FHFA) house price index rose a seasonally adjusted 0.3% in February, slower than a 0.6% gain in January.
On a yearly basis, US house prices were up 4.9%. That was the smallest gain since early 2015 and followed a 5.6% increase in January.
The American Petroleum Institute (API) on Tuesday reported an unexpected increase of 6.86 million barrels in the US crude oil inventories for the week ending April 19. Analysts had expected a fall of 167,000 barrels for the week.
In the previous week ending April 12, API reported a decrease of 3.1 million barrels of crude oil inventories, while the US Energy Information Administration (EIA) reported a decrease of 1.4 million barrels of crude oil inventories for the week.
In the Eurozone, consumer confidence fell unexpectedly by 0.7 points in April from the March number, figures released on Tuesday showed.
The European Commission said a flash estimate showed eurozone consumer morale decreased to -7.9 this month from -7.2 in March. Economists polled by Reuters had expected a rise to -7.
EIA will release its data on US crude oil inventories today, while the Ifo Institute will release its business climate index for Germany.