Macro Roundup (Aug 14)-Shanghai Metals Market

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Macro Roundup (Aug 14)

Data Analysis 08:44:50AM Aug 14, 2019 Source:SMM

SHANGHAI, Aug 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar strengthened on Tuesday, after the US decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list, reigniting hopes that Washington and Beijing could reach a resolution.

Signs of easing US-China trade tensions also bolstered oil prices and LME base metals overnight. Zinc saw the biggest gain of 2.6% on the day, copper jumped 1.8%, tin advanced 1.4%, aluminium rose 0.9%, lead climbed 0.7%, and nickel gained 0.3%.

SHFE base metals traded mixed overnight. Zinc rose 0.9%, copper increased by 0.5% and tin gained close to 0.3%, while lead edged down 0.03%, nickel shed 0.1% and aluminium fell 0.2%.

The US Trade Representative announced Tuesday certain products including clothing and cellphones are being removed from a list of goods set to be hit with a new 10% levy, while tariffs on other goods will be delayed to December 15 from September 1.

It was also reported that trade negotiators from the US and China held phone conversations on Tuesday and agreed to discuss again in two weeks.

The widely watched 2-year to 10-year US Treasury curve was further about to be inverted, a phenomenon heralded by many as a recession indicator.

US consumer prices rose as expected last month, buoyed by gains in the cost of energy products and a range of other goods.

The Labor Department on Tuesday reported that the consumer price index (CPI) increased 0.3% in July, after edging up 0.1% for two straight months. On a yearly basis, the CPI increased 1.8% after advancing 1.6% in June. Economists polled by Reuters had forecast the CPI would accelerate 0.3% in July and rise 1.7% year on year.

In Germany, consumer prices rose 1.7% from a year ago and 0.5% from a month ago in July, according to the Federal Statistical Office.

A survey from the ZEW institute showing the mood among German investors slid far more than expected in August. Germany's ZEW said its monthly survey showed economic sentiment among investors fell to -44.1 from -24.5 in July. Economists polled by Reuters had expected a drop to -28.5.

Day ahead

China will release retail sales, production and investment data for July, while the US will publish its weekly crude inventory data and import prices for July.

Other economic data slated for release today include gross domestic product (GDP) data from Germany and the Eurozone.

Key Words:  Macroeconomics 

Macro Roundup (Aug 14)

Data Analysis 08:44:50AM Aug 14, 2019 Source:SMM

SHANGHAI, Aug 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar strengthened on Tuesday, after the US decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list, reigniting hopes that Washington and Beijing could reach a resolution.

Signs of easing US-China trade tensions also bolstered oil prices and LME base metals overnight. Zinc saw the biggest gain of 2.6% on the day, copper jumped 1.8%, tin advanced 1.4%, aluminium rose 0.9%, lead climbed 0.7%, and nickel gained 0.3%.

SHFE base metals traded mixed overnight. Zinc rose 0.9%, copper increased by 0.5% and tin gained close to 0.3%, while lead edged down 0.03%, nickel shed 0.1% and aluminium fell 0.2%.

The US Trade Representative announced Tuesday certain products including clothing and cellphones are being removed from a list of goods set to be hit with a new 10% levy, while tariffs on other goods will be delayed to December 15 from September 1.

It was also reported that trade negotiators from the US and China held phone conversations on Tuesday and agreed to discuss again in two weeks.

The widely watched 2-year to 10-year US Treasury curve was further about to be inverted, a phenomenon heralded by many as a recession indicator.

US consumer prices rose as expected last month, buoyed by gains in the cost of energy products and a range of other goods.

The Labor Department on Tuesday reported that the consumer price index (CPI) increased 0.3% in July, after edging up 0.1% for two straight months. On a yearly basis, the CPI increased 1.8% after advancing 1.6% in June. Economists polled by Reuters had forecast the CPI would accelerate 0.3% in July and rise 1.7% year on year.

In Germany, consumer prices rose 1.7% from a year ago and 0.5% from a month ago in July, according to the Federal Statistical Office.

A survey from the ZEW institute showing the mood among German investors slid far more than expected in August. Germany's ZEW said its monthly survey showed economic sentiment among investors fell to -44.1 from -24.5 in July. Economists polled by Reuters had expected a drop to -28.5.

Day ahead

China will release retail sales, production and investment data for July, while the US will publish its weekly crude inventory data and import prices for July.

Other economic data slated for release today include gross domestic product (GDP) data from Germany and the Eurozone.

Key Words:  Macroeconomics