Macro Roundup (Nov 12)-Shanghai Metals Market

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Macro Roundup (Nov 12)

Data Analysis 08:31:58AM Nov 12, 2019 Source:SMM

SHANGHAI, Nov 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar was lower on Monday after President Donald Trump said over the weekend that trade talks with China were moving along “very nicely” but the United States would only make a deal with Beijing if it was right for America.

The dollar index, which tracks the greenback against a basket of other currencies, fell 0.16% and ended at 98.21.

LME base metals and the SHFE complex, except for zinc, closed lower last night. Copper shed 0.73%, aluminium dropped 1.63%, nickel lost 3.77%, tin fell 1.49%, lead eased 1.02%, while zinc gained 0.2%. 

SHFE copper went down 0.21%, aluminium shed 0.21%, lead dipped 1%, nickel slid 2.17%, tin ended 0.74% lower, while zinc advanced 0.54%.

China's new yuan-denominated loans reached 661.3 billion yuan ($94.47 billion) in October, a year-on-year drop of 35.7 billion yuan, central bank data showed Monday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.4% year on year to 194.56 trillion yuan at the end of October, according to the People's Bank of China.

The M2 growth was the same as that at the end of September but was 0.4 percentage point higher than the same period last year.

Outstanding total social financing (TSF) was 219.6 trillion yuan ($31.40 trillion) at the end of October, up 10.7% from a year earlier, the central bank said.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.

UK’s official data Monday showed the third-quarter gross domestic product (GDP) at 0.3%, indicating the British economy has avoided slipping into a technical recession. 

The data marks a rebound from the second-quarter GDP which contracted by 0.2%. 

On a year-on-year basis, third-quarter growth slowed to 1%. This marked the slowest rate of expansion since the first three months of 2010.

Day ahead

The eurozone and Germany’s Zew economic sentiment index for November will be watched today. 

US Federal Reserve Vice Chairman Richard Clarida will deliver a speech on monetary policy, price stability and bond yields on Tuesday. 

Key Words:  Macroeconomics 

Price

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1# Silver Ingots(99.99%)
Dec.11
4029.0
0.0
(0.00%)
2# Silver Ingots(99.95%)
Dec.11
4014.0
0.0
(0.00%)
3# Silver Ingots(99.90%)
Dec.11
3999.0
0.0
(0.00%)
Gold(99.99%)
Dec.11
332.8
0.9
(0.29%)
Gold(99.95%)
Dec.11
332.5
0.7
(0.21%)

Macro Roundup (Nov 12)

Data Analysis 08:31:58AM Nov 12, 2019 Source:SMM

SHANGHAI, Nov 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar was lower on Monday after President Donald Trump said over the weekend that trade talks with China were moving along “very nicely” but the United States would only make a deal with Beijing if it was right for America.

The dollar index, which tracks the greenback against a basket of other currencies, fell 0.16% and ended at 98.21.

LME base metals and the SHFE complex, except for zinc, closed lower last night. Copper shed 0.73%, aluminium dropped 1.63%, nickel lost 3.77%, tin fell 1.49%, lead eased 1.02%, while zinc gained 0.2%. 

SHFE copper went down 0.21%, aluminium shed 0.21%, lead dipped 1%, nickel slid 2.17%, tin ended 0.74% lower, while zinc advanced 0.54%.

China's new yuan-denominated loans reached 661.3 billion yuan ($94.47 billion) in October, a year-on-year drop of 35.7 billion yuan, central bank data showed Monday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.4% year on year to 194.56 trillion yuan at the end of October, according to the People's Bank of China.

The M2 growth was the same as that at the end of September but was 0.4 percentage point higher than the same period last year.

Outstanding total social financing (TSF) was 219.6 trillion yuan ($31.40 trillion) at the end of October, up 10.7% from a year earlier, the central bank said.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.

UK’s official data Monday showed the third-quarter gross domestic product (GDP) at 0.3%, indicating the British economy has avoided slipping into a technical recession. 

The data marks a rebound from the second-quarter GDP which contracted by 0.2%. 

On a year-on-year basis, third-quarter growth slowed to 1%. This marked the slowest rate of expansion since the first three months of 2010.

Day ahead

The eurozone and Germany’s Zew economic sentiment index for November will be watched today. 

US Federal Reserve Vice Chairman Richard Clarida will deliver a speech on monetary policy, price stability and bond yields on Tuesday. 

Key Words:  Macroeconomics