SHANGHAI, Jun 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar rose on Thursday as US President Donald Trump struck a slightly more positive tone on the US-China trade war Wednesday, but again threatened to increase tariffs on Chinese goods if both sides fail to reach a deal.
Growing expectations of an interest rate cut limited gains in the greenback.
LME base metals closed mixed on Thursday, with the biggest loss of 1.3% in zinc. Aluminium edged down, while copper gained 0.2% and tin rose 0.4%. Nickel and lead remained flat.
SHFE base metals also saw a mixed performance overnight. Zinc fell 0.8%, aluminium declined 0.3% and lead lost 0.2% while tin inched up, copper climbed 0.3% and nickel advanced 0.9%.
Oil prices rebounded on Thursday on reports of attacks on two tanker ships off the coast of Iran.
On the data front, the number of Americans filing applications for unemployment benefits unexpectedly rose last week, which grew concerns that the labour market was losing steam after job growth slowed sharply in May.
Initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 222,000 for the week ended June 8, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims decreasing to 216,000 in the latest week.
US import prices fell by the most in five months in May amid a broad decline in the cost of goods. This was another indication of muted inflation that could strengthen the case for the Fed to cut interest rates this year.
The Labor Department said on Thursday that US import prices dropped 0.3% last month, the biggest decline since last December. Data for April was revised down to show import prices rising 0.1% instead of climbing 0.2% as previously reported.
Economists polled by Reuters had forecast import prices slipping 0.2% in May. On a monthly basis, import prices fell 1.5% in May after decreasing 0.3% in April.
Germany’s consumer inflation for May came in line with the consensus estimates, with the consumer price index (CPI) rising 1.4% year on year.
Economic data today include retail sales and industrial output in May from China and the US.