SHANGHAI, Aug 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Last night
The US dollar index notched a fresh 14-month high at 96.52 before it closed at 96.27 overnight as Turkey’s economic woes continued.
The fallout from the Turkish lira’s plunge sent the euro to a new 13-month low and hammered emerging market currencies as investors worried about contagion scrambled for the safety of the yen and the Swiss franc.
LME base metals closed mixed on Monday. Zinc slumped 2.8%, nickel dropped close to 2%, copper and tin edged down while aluminium and lead nudged up. SHFE base metals, except for copper, fell across the board overnight. Zinc tumbled 1.9%, nickel lost 1.4%, lead slid 0.6%, tin slipped 0.54% and aluminium dipped 0.2%.
China’s total social financing, a broad measure of credit and liquidity in the economy, dropped to 1.04 trillion yuan ($151 billion) in July from 1.18 trillion yuan in June, lower than forecast of 1.1 trillion yuan, data from the People's Bank of China showed on Monday.
Total social financing 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.
The outstanding total social financing was 187.45 trillion yuan ($27.24 trillion) at the end of July, up 10.3% from a year earlier.
Chinese banks extended 1.45 trillion yuan in net new loans in July, beating the forecast of 1.28 trillion yuan.
In July, China's broad M2 money supply grew 8.5% from a year earlier, beating forecast for an expansion of 8.2% and up from 8% in June.
Day ahead
Key things to watch today include China’s industrial production, retail sales and fixed asset investment in July, eurozone’s gross domestic product (GDP) data in the second quarter and Germany’s GDP data in the second quarter, consumer price inflation in July and ZEW economic sentiment index in August as well as US import prices in July.
