Macro Roundup (Feb 11)

SHANGHAI, Feb 11 (SMM) – This is a roundup of global macroeconomic news last week and what is expected today. Chinese markets closed for the Chinese New Year holiday last week.

Last week

LME base metals traded mixed last week. Copper rose close to 1%, tin gained 0.9%, aluminium nudged up 0.1% while nickel fell 0.75%, lead dropped 1.5% and zinc slumped 2.1%.

The US dollar rose against a basket of currencies last week, taking the index to a five-week high of 96.7. Despite the dovish Federal Reserve, the greenback recovered on support from safe-haven purchases.

Germany's trade surplus widened in December, official data showed on Friday February 8, as an increase in exports exceeded the growth in imports.

After seasonal adjustment, Germany’s exports rose 1.5% from a month earlier in December, after a revised decline of 0.3% in November; imports climbed 1.2% month on month after falling 1.3% in November.

Baker Hughes on Friday reported that the number of active US rigs rose by seven to 854 in the week ended February 8. That followed a decline of 15 a week earlier. The total active US rig count also gained four to 1,049, according to Baker Hughes.

Day ahead

Top US officials will arrive in China this week for a new round of negotiations in a bid to resolve trade differences ahead of a March 1 deadline.