SHANGHAI, Dec. 3 (SMM) – Market expectations grew that European Central Bank will expand quantitative easing at its policy meeting this evening. Atlanta Federal Reserve Chairman said the US Fed is expected to raise interest rate unless major economic indicators are unexpectedly disappointing. But the US dollar fell with exodus of longs.
Eurozone October retail sales may improve. Germany’s retail sales unexpectedly slid MoM, with YoY growth also falling short of market expectations. Nonetheless, the growth in the first ten months of the year is still the strongest since 1994, and this may have boosted domestic demand.
US factory orders in October are expected to turn around as Markit’s October PMI in the US hit a new high since May. ISM’s manufacturing PMI in October also increased. US non-manufacturing PMI in October hit the second highest for the year, with employment sub-indice growing noticeably. Should November non-manufacturing PMI continue rising, the likelihood of interest rate hike by the Fed in December increases.
Base metal prices are expected to diverge today.
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