SHANGHAI, May 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar extended its rebound on Tuesday, driven by trade and political concerns as well as a strong rise in American consumer confidence, while the yield on the benchmark 10-year Treasury note fell to a 19-month low.
US crude futures gained on Tuesday after flooding throughout the Midwest constrained crude flow from the main storage hub in Cushing, Oklahoma.
LME base metals closed mixed on Tuesday after the long weekend. Nickel saw the biggest loss of 1.9%, lead and tin fell some 0.9%, while copper and aluminium inched up close to 0.1% and zinc gained 0.2%.
Most SHFE base metals traded lower overnight with the biggest loss of 2.1% in nickel. Copper declined 0.4%, tin and lead shed about 0.1% while zinc advanced 0.1% and aluminium rose 0.2%.
US President Donald Trump said on Monday at a news conference with Japanese Prime Minister Shinzo Abe that he was "not ready" to make a deal with Beijing.
The Conference Board said on Tuesday its gauge on US consumer confidence rose to 134.1 in May, the strongest since November. Analysts had forecast a reading of 130.
Meanwhile, an indicator of German consumer sentiment fell slightly to its lowest level in more than two years.
The GfK consumer sentiment indicator dipped to 10.1 points from a downwardly revised 10.2 in the previous month. This was the lowest reading since May 2017 and undershot a forecast of 10.4 points.
In the Eurozone, economic sentiment came in better than expected in May, rebounding after 10 consecutive monthly falls, driven mainly by optimism in services, industry and among consumers.
The European Commission said on Tuesday that its economic sentiment indicator for the 19 countries sharing the euro rose to 105.1 in May from a revised 103.9 in April, beating market expectations of no change.
Germany will release its unemployment data for May, while the Bank of Canada will announce its latest interest rate decision.