Macro Roundup (Jun 18)

SHANGHAI, Jun 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar index was little changed on Monday as investors awaited this week’s crucial US Federal Reserve meeting.

LME base metals closed mixed on Monday. Copper and zinc rose close to 0.8%, lead advanced 0.5% and aluminium nudged up, while nickel fell 1.3% and tin dropped 1.6%.

SHFE base metals performed similarly overnight. Lead climbed close to 1%, zinc gained 0.7% and copper rose 0.3% while aluminium stayed flat. Nickel slipped 1.3% and tin shed 0.5%.

Oil prices pulled back on Monday as weak Chinese economic data stoked concerns of slower worldwide oil demand.

The long-waited Shanghai-London Stock Connect launched on Monday. Companies listed in Britain will be able to sell shares in China and also Shanghai-listed companies to raise new funds via London's market.

Day ahead

The Eurozone will release its trade account for April, ZEW economic climate index for June and consumer inflation data for May, while the US will publish its building permits and housing starts in May as well as weekly crude inventory data from the American Petroleum Institute (API).

Other key developments include the Fed’s two-day meeting, a meeting of European Central Bank policymakers in Portugal and the Bank of England’s interest rate decision on Thursday.