SHANGHAI, Oct 30 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.
The US dollar weakened as expectations that the Federal Reserve will cut rates was offset by a potential delay in a US-China trade deal.
A US administration official said on Tuesday that an interim trade agreement might not be completed in time for signing in Chile next month as expected, while adding that did not mean the accord is falling apart.
LME base metals rose across the board while the SHFE complex mostly fell with nickel the only metal to rise. LME copper gained 0.07%, aluminium increased 0.84%, zinc climbed 0.43%, nickel advanced 1.6%, lead went up 1.35%, and tin climbed 0.66%.
SHFE copper slipped 0.19%, aluminium shed 0.29%, tin lost 0.35%, lead dipped 0.29%, zinc went flat, while nickel advanced 0.42%. Rebar gained 0.63% and stainless steel ticked up.
US housing data showed that more consumers than expected committed to buying a home in September, according to the National Association of Realtors (NAR).
The US Pending Home Sales were up 1.5% in September, the association said on Tuesday. Consensus forecasts were calling for a 0.9% increase.
The Pending Home Sales Index came in at 108.7 in September, down from August’s downwardly revised reading of 107.1.
US consumer confidence dipped slightly in October as worries over business conditions and employment prospects ticked up, according to data from the Conference Board released Tuesday.
The Conference Board’s consumer confidence index slipped to 125.9 this month from a September reading of 126.3. Economists polled by Dow Jones expected a print of 128.
Lynn Franco, director of economic indicators at The Conference Board, said in a statement that consumers feel good about present conditions, but future expectations lowered slightly “as consumers expressed some concerns about business conditions and job prospects.”
“However, confidence levels remain high and there are no indications that consumers will curtail their holiday spending,” Franco added.
A slew of economic data is slated for release today. The US will publish data on its gross domestic product and core personal consumption expenditures (PCE) price index for the third quarter, the ADP employment data, and its weekly crude oil change surveyed by the American Petroleum Institute (API) and the Energy Information Administration (EIA).
The eurozone will release data on its business climate index and consumer confidence index for October, and Germany will publish data on its unemployment rate and consumer price index (CPI) for October.