SMM7, 29 March news: due to durable goods orders and second quarter GDP and other data better than expected, the dollar index once broke 98 barrier resistance, hit a half-week high, Friday released data show that the United States economic growth slowdown in the second quarter is smaller than expected, due to a sharp increase in consumer spending, reducing the decline in exports and inventory growth caused by some of the drag. Us gross domestic product (GDP) grew at an annualised rate of 2.1 per cent in the second quarter from a month earlier, down from 3.1 per cent confirmed in the January-March quarter. But better than market expectations, economists had expected GDP to grow by just 1.8 per cent in the second quarter. This could further allay concerns about the health of the economy. The dollar index rose sharply last week, refreshing its highest level since May 31 to 98.09 as dovish signals from the ECB's interest rate resolution set the stage for a rate cut in September and, on the other hand, better-than-expected US economic data, lowering expectations of a sharp Fed rate cut next week. The dollar closed at 97.996, up 0.22%. Most of the market fell, with zinc up 0.58%, tin down 0.81%, lead down 1.05%, copper down 0.33%, aluminium down 1.09% and nickel up 0.75%. On the domestic side, Shanghai zinc rose 0.49%, Shanghai copper fell 0.47%, Shanghai tin fell 0.25%, Shanghai aluminum fell 0.18%, Shanghai lead fell 1.13%, Shanghai nickel rose 0.26%, thread fell 0.89%.
Data, the United States in the second quarter of the actual GDP annualized quarterly rate of the initial value (%), the previous value: 3.1, expected: 1.8, published: 2.1. The GDP data for the second quarter will not hinder the Fed from cutting interest rates, but may dampen speculation that it is prepared to cut interest rates for a long time. 1 the initial quarterly rate of real personal consumption spending rose 4.3% in the second quarter, the biggest increase since the fourth quarter of 2017, and the rise in consumer spending offset the negative impact of the decline in exports. 2, coupled with smaller inventory growth, the real quarterly rate of real GDP in the second quarter was better than expected, although this good report may not prevent the Fed from cutting interest rates because of the increased risks to the US economic outlook; 3 GDP growth in the first half of the year totaled 2.6 per cent, which would extinguish speculation that the Fed was preparing for a long-term interest rate cut cycle. There is no sign that the US economy is in recession; 4 the labour market is strong, wages are rising and unemployment is low; corporate profits are good and the stock market has performed well this year. This performance is particularly striking, especially in the context of slowing global economic growth.
The core PCE price index in the second quarter of the United States annualized quarterly rate of the initial value (%), the previous value: 1.2, expected: 2, released: 1.8. Us GDP improved but PCE inflation unexpectedly depressed, the dollar rise was blocked by the 98 barrier 1 dollar index released in the United States in the second quarter GDP growth rate of 2.1%, better than the forecast of 1.8%, hit 97.98, the highest level in nearly two months since the end of May, but above the 98 level still faces resistance; However, the US PCE inflation index, which was released at the same time as the GDP data, was unexpectedly depressed, which still gave the Fed good reason to implement a "preventive rate cut", which also limited the short-term room for the dollar index to rise. After that, the wording of next week's Fed resolution and industry Powell's speech will be the real focus of investor attention.
The total number of drilling wells in the United States for the week of July 26, the previous value: 954, expected: -, announced: 946. The current trend in WTI oil prices will affect the number of wells to be drilled in four months' time.
Annual profit rate of industrial enterprises above size in China in June (%), previous value: 1.1, expected: -, announcement:-1.3.
Zhu Hong, senior statistician at the Industry Department of the National Bureau of Statistics, interprets the industrial enterprise profit data: the financial data of industrial enterprises released by the National Bureau of Statistics on July 27 show that in the first half of 2019, the profits of industrial enterprises above size fell 2.4 percent over the same period last year, of which 3.3 percent fell in the first quarter and 1.9 percent in the second quarter. First, the new profits mainly come from building materials, electricity and electrical machinery and other industries. Second, the profits of the consumer goods manufacturing industry have increased rapidly, and the profits of strategic emerging industries and high-tech manufacturing industries have maintained growth. Third, the profits of private enterprises have maintained growth. In the first half of the year, private sector profits rose 6.0 per cent from a year earlier. Fourth, the asset-liability ratio has declined. Overall, industrial profits fell in the first half of the year, mainly affected by a small number of industries such as automobiles, oil processing and steel. Due to low market demand, profits in the automobile industry fell sharply by 24.9% in the first half of the year. Profits in the oil processing and iron and steel industries fell by 53.6% and 21.8%, respectively, due to rising crude oil and iron ore prices. The combined impact of the three industries on the profits of industrial enterprises above all sizes fell 6.3 percentage points compared with the same period last year.
Overnight important financial data:
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