Macro Roundup (Nov 22)-Shanghai Metals Market

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Macro Roundup (Nov 22)

Data Analysis 08:46:44AM Nov 22, 2019 Source:SMM

SHANGHAI, Nov 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar continued to strengthen on Thursday against a basket of other currencies as a report that China has invited top US negotiators for a new round of talks rekindled some hopes for a US-China trade deal, but mixed signals on the progress of talks limited the greenback’s gains.

China will strive to reach an initial trade agreement with the US as both sides keep communication channels open, the Chinese commerce ministry said on Thursday.

Trade developments, coupled with hopes of longer OPEC cuts boosted oil prices on Thursday to two-month highs, as Reuters reported that OPEC and its allies are likely to extend output cuts until mid-2020

LME base metals closed mixed on Thursday. Tin was the best performer with a 2.1% gain, nickel rallied 1.2%, and zinc inched up 0.1%, while aluminium edged down 0.03%, copper fell 0.6% and lead dropped 1.3%.

The SHFE complex also saw mixed performance overnight. Tin rose 1.1%, nickel advanced 0.6%, and aluminium gained 0.2%, while zinc shed 0.2%, copper slipped 0.5% and lead declined close to 0.6%.

On the data front, the number of Americans filing applications for unemployment benefits was unexpectedly unchanged at a five-month high last week, suggesting some softening in the labor market.

Initial claims for state unemployment benefits were flat at a seasonally adjusted 227,000 for the week ended November 16, the highest level since June 22, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 more claims received than previously reported.

US home sales increased more than expected in October and house prices rose at the fastest pace in more than two years amid lower mortgage rates and a shortage of properties for sale.

The National Association of Realtors said on Thursday that existing home sales rose 1.9% to a seasonally adjusted annual rate of 5.46 million units last month. September's sales pace was downwardly revised to 5.36 million units.

In Europe, a flash estimate released by the European Commission showed consumer confidence in the eurozone rose slightly in November, improving to -7.2 from -7.6 in October.

Day ahead

European Central Bank (ECB) president Christine Lagarde’s speech, German third-quarter gross domestic product (GDP) and November manufacturing purchasing managers’ indices (PMIs) out of Germany, the eurozone and US are key things to watch today.

US consumer confidence index and weekly rig count are also slated for release.

Key Words:  Macroeconomics 

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Macro Roundup (Nov 22)

Data Analysis 08:46:44AM Nov 22, 2019 Source:SMM

SHANGHAI, Nov 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar continued to strengthen on Thursday against a basket of other currencies as a report that China has invited top US negotiators for a new round of talks rekindled some hopes for a US-China trade deal, but mixed signals on the progress of talks limited the greenback’s gains.

China will strive to reach an initial trade agreement with the US as both sides keep communication channels open, the Chinese commerce ministry said on Thursday.

Trade developments, coupled with hopes of longer OPEC cuts boosted oil prices on Thursday to two-month highs, as Reuters reported that OPEC and its allies are likely to extend output cuts until mid-2020

LME base metals closed mixed on Thursday. Tin was the best performer with a 2.1% gain, nickel rallied 1.2%, and zinc inched up 0.1%, while aluminium edged down 0.03%, copper fell 0.6% and lead dropped 1.3%.

The SHFE complex also saw mixed performance overnight. Tin rose 1.1%, nickel advanced 0.6%, and aluminium gained 0.2%, while zinc shed 0.2%, copper slipped 0.5% and lead declined close to 0.6%.

On the data front, the number of Americans filing applications for unemployment benefits was unexpectedly unchanged at a five-month high last week, suggesting some softening in the labor market.

Initial claims for state unemployment benefits were flat at a seasonally adjusted 227,000 for the week ended November 16, the highest level since June 22, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 more claims received than previously reported.

US home sales increased more than expected in October and house prices rose at the fastest pace in more than two years amid lower mortgage rates and a shortage of properties for sale.

The National Association of Realtors said on Thursday that existing home sales rose 1.9% to a seasonally adjusted annual rate of 5.46 million units last month. September's sales pace was downwardly revised to 5.36 million units.

In Europe, a flash estimate released by the European Commission showed consumer confidence in the eurozone rose slightly in November, improving to -7.2 from -7.6 in October.

Day ahead

European Central Bank (ECB) president Christine Lagarde’s speech, German third-quarter gross domestic product (GDP) and November manufacturing purchasing managers’ indices (PMIs) out of Germany, the eurozone and US are key things to watch today.

US consumer confidence index and weekly rig count are also slated for release.

Key Words:  Macroeconomics