SMM5 on March 7: the dollar index continued to rise yesterday, breaking through the 100th mark for four consecutive gains. The US intends to restart the economy and the market is betting that the US economy will recover faster than Europe, while the German Constitutional Court has ruled that some parts of the ECB's quantitative easing programme are not supported by EU treaties, suppressing the euro and supporting the dollar. The majority of Lunpan metal rose, Lun copper rose 0.82%, Lun aluminum fell 0.5%, Lun Zinc rose 3.49%, Lun Ni rose 2.54%, Lun Xi rose 0.1%, Lun lead fell 0.27%; in the domestic market, Shanghai Copper rose 0.45%, Shanghai Aluminum 0.08%, Shanghai Zinc 1.34%, Shanghai lead 1.02%, Shanghai Nickel 2.42%, Shanghai Tin 0.18%, Thread 0.68%, stainless Steel 1.96%. Us President Donald Trump has once again sent a strong signal to restart the economy, saying in an interview that "some people may die" after states lift restrictions aimed at curbing the spread of the new crown virus, and acknowledged that this is the choice made by the United States to reopen and restart the economy. [Lido]
U. S. stocks closed mixed on Wednesday, with the Dow down more than 200 points and the Nasdaq edging higher. Trump has again urged a restart of the economy, and investors expect more states to lift anti-epidemic restrictions. The Dow closed down 218.45 points, or 0.91%, at 23664.64; the Nasdaq rose 45.27 points, or 0.51%, to 8854.39; and the S & P 500 fell 20.02 points, or 0.70%, to 2848.42.
Gold futures closed down on Wednesday. The stronger dollar and the unwinding of many economies around the world have reduced safe-haven demand for gold. Gold futures for June delivery fell $22.10, or 1.3%, to close at $1688.50 an ounce on the New York Mercantile Exchange.
Crude oil futures closed lower on Wednesday, ending five consecutive days of gains in U. S. benchmark crude prices. In spite of lower-than-expected growth in US crude inventories last week and a decline in domestic crude production, concerns about tighter oil inventory capacity are still weighing on it. The US Energy Information Administration (EIA) reported on Wednesday that US crude oil inventories rose less than expected last week. (WTI) futures for June delivery on the New York Mercantile Exchange fell 57 cents, or 2.3%, to close at $23.99 a barrel.
Data, the United States to 1 May 1 week API crude oil stocks (10,000 barrels) before the value: 998 expected: 812.5 released: 844
Financial blog zero hedging comments on US API data for the week: although API data show that US crude oil inventories rose more than expected last week, WTI crude oil futures continued to expand. Oil prices have been rising in recent days as markets have become more optimistic about a restart in demand for crude oil and Genscape has reported an increase in inventories in the Cushing region. The spread between the June and July futures contracts of WTI crude narrowed to its narrowest in more than a month, in a sign that concerns about a glut of crude oil are dwindling. Bill O'Grady, chief market strategist at Confluence Capital Management, said the main problem is that concerns about the crude oil storage crisis have diminished and crude oil production is expected to begin to decline rapidly.
Us April ADP Employment (10,000) pre-value:-2.7Forecast:-2005 announcement:-2023.6 revision:-14.9 (previous value)
ADP reported that construction employment fell by 2.477 million in April and 16000 in March. Manufacturing employment fell by 1.674 million in April and increased by 6000 in March. Vice President, ADP Employment data: unemployment on this scale is unprecedented. The total number of unemployed in April alone was more than twice the total during the financial crisis.
Euro area retail sales monthly rate before March: 0.9% expected:-10.5% published:-11.2% revised: 0.6% (previous value)
Monthly rate of retail sales in the eurozone in March: retail sales in the eurozone fell the most since records in March as consumers reduced spending on all but food and online orders as restrictions to curb the spread of the new crown virus. Sales of clothing, footwear, textiles and car fuel fell the most.
Us-to-May 1 week EIA crude oil stocks (10,000 barrels) pre-value: 899.1 expected: 775.9 announced: 459
Financial blog zero hedging EIA data of the week in the United States: the two oil companies fell in the short term after the release of ADP data in the United States earlier, as the market continued to worry that the impact of the epidemic on crude oil demand may be longer than expected. Most analysts do not expect crude oil demand to return to pre-epidemic levels for at least a year. EIA data showed that U. S. crude oil inventory growth was lower than expected, and domestic crude oil production decreased, WTI crude oil rose in the short term. This week recorded an increase in U. S. crude oil stocks for the 15th consecutive week.
New US dollar denominated small metal contracts on HKEx:
Important overnight financial data:
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