Macro Roundup (Feb 20)

SHANGHAI, Feb 20 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

Most LME base metals traded higher on Tuesday. Nickel advanced 1.6%, copper rose 1.1%, zinc climbed 0.8%, aluminium edged up 0.2%, while tin dipped 0.05% and lead fell 0.4%.

SHFE base metals, except for lead, ended higher overnight. Nickel saw the biggest gain of 1.1%, copper gained 0.9%, zinc grew 0.6%, tin popped 0.5% and aluminium inched up 0.2%.

The US dollar on Tuesday fell against a basket of other currencies as optimism about the outcome of a fresh round of US-China trade talks in Washington this week prompted traders to scale back their safe-haven greenback holdings. US and Chinese trade negotiators met in Beijing last week, and announced progress on trade issues.

Germany's investor confidence improved to its highest in five months in February, survey data from the ZEW Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW indicator of economic sentiment for Germany rose to -13.4 in February, up from -15 a month earlier and beating the expectation of -13.6. The latest reading marked the highest since September, when the score was -10.6.

Current situation index, however, dropped to 15 from 27.6 in January. Economists had expected a reading of 20.

For the eurozone, the ZEW economic sentiment also rose to -16.6, up from -20.9 month on month.

Day ahead

Economic data slated for release today include the eurozone’s consumer confidence index for February and US weekly crude stocks report from the American Petroleum Institute (API).