Macro Roundup (Jan 23)

Published: Jan 23, 2020 09:26

Save

The US dollar fell against a basket its rivals on Wednesday

SHANGHAI, Jan 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar on Wednesday fell against a basket its rivals, easing off one-month highs, as the Chinese government’s plans to contain the virus seemed to ease equity investors’ concerns over a possible pandemic.

LME base metals, except for lead, closed lower across the board on Wednesday. Zinc tumbled 2.3% to lead the losses, aluminium declined 1%, tin and copper fell close to 0.7% and nickel dipped 0.1%.

The SHFE complex, except for aluminium, traded lower overnight. Nickel dropped 1.1%, copper and zinc slipped 0.6%, tin and lead shed 0.5%, zinc

On the trade front, US President Donald Trump told CNBC on Wednesday that the European Union has “no choice” but to agree to a new trade deal. In a meeting with European Commission President Ursula von der Leyen in Davos on Tuesday, Trump again threatened to levy tariffs on European car imports in the absence of renewed trade commitments from the bloc.

The American Petroleum Institute (API) this morning reported a surprise crude oil inventory build of 1.57 million barrels for the week ending January 17, compared to analyst expectations of a 1.009-million-barrel draw in inventory.

US home sales climbed 3.6% in December, but a record-low inventory of houses on the market has caused prices to surge as affordability is worsening.

The National Association of Realtors said Wednesday that sales of existing homes rose last month to a seasonally adjusted annual rate of 5.54 million. For all of 2019, 5.34 million homes were sold — matching the 2018 level. High mortgage rates hurt sales in the first half of the last year, while lower rates boosted purchases in the second half.

Day ahead

The European Central Bank’s first policy meeting of the year should be closely watched today.

Economic data slated for release include US crude inventory data from the Energy Information Administration (EIA) and the eurozone’s consumer sentiment index.

Macroeconomics

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Sep 4, 2026 18:12

[SMM Precious Metals Express]

Northam Platinum is advancing large-scale renewable energy and energy storage deployment, with a plan to turn its Eland mine into South Africa’s first PGM mine operated entirely on renewable energy. Chief Executive Officer Paul Dunne stated at the annual results briefing on August 28 that Eland not only has the conditions to switch to fully green power, but has also achieved a positive water balance. The company plans to phase out external water sources by the end of this decade, moving the mine toward a truly low-carbon, low-water-dependence "green mine" model.

Sep 4, 2026 18:12

Sep 4, 2026 18:05

[SMM Precious Metals Express]

In its latest annual results briefing, Northam Platinum unusually identified artificial intelligence, data storage, electronics and robotics as key new sources of future platinum-group metals (PGM) demand, sending a notable signal to the PGM market. Chief Executive Officer Paul Dunne said the company remains bullish on platinum, rhodium, iridium and ruthenium, citing declining supply from South African mines and still-supportive autocatalyst demand, alongside growing new applications in AI and high-tech industries. He noted that the PGM market remains in supply deficit, while industrial demand stays robust driven by emerging applications.

Sep 4, 2026 18:05

Sep 4, 2026 17:58

[SMM Precious Metals Express]

A research team at Utkal University in India has published a review on organoiridium(III) anticancer complexes, focusing on how Schiff base and oxime ligands affect the biological activity, cytotoxicity and mechanisms of action of Ir(III) complexes. Platinum-based drugs such as cisplatin, carboplatin and oxaliplatin have demonstrated that platinum-group metals (PGMs) can be developed into large-scale clinical therapeutics. However, nephrotoxicity, drug resistance and non-selective damage to healthy cells are driving metal-drug research to extend toward other PGMs including ruthenium (Ru), iridium (Ir) and osmium (Os).

Sep 4, 2026 17:58