SMM4 March 1: yesterday, the outer plate metal is red, fat and thin, Lunchu is up nearly 0.7%, Lun aluminum is down nearly 0.7%, Lunxi zinc is up nearly 0.6%, Lunni is up nearly 1.4%, Lunxi is down nearly 0.1%, Lunxi lead is up nearly 0.9%, and Lunchu rose on Wednesday, as China, a major metal consumer, released strong manufacturing data and the market expected the United States to increase infrastructure spending. However, a stronger dollar and higher yields on US Treasuries have curbed the rally in copper prices. Analysts point out that today's focus is on Biden's infrastructure bill, and the Chinese data are also quite positive, so they provide some support. But a stronger dollar is limiting the upside, which the options market suggests is likely to continue for some time. Domestically, international copper is up nearly 0.1%, Shanghai copper is up nearly 0.2%, Shanghai aluminum is up nearly 0.6%, Shanghai lead is up nearly 0.4%, Shanghai zinc is down nearly 0.4%, Shanghai nickel is up nearly 0.3%, and Shanghai tin is up nearly 1.1%.
The dollar fell against most Gmur10 currencies on Wednesday, narrowing its biggest quarterly gain in a year, with the dollar index falling 0.11% to 93.18. The dollar was under selling pressure at the end of the month in London, falling as much as 0.4%. The index rose 3.6% this quarter, supported by a rise in Treasury yields. One-month implied volatility in currencies fell as stocks rose and foreign exchange markets were expected to be seasonally stable in April.
U. S. stocks closed mixed on Wednesday, with technology stocks pushing the Nasdaq up more than 200 points. Investors are assessing the impact of measures such as Biden's upcoming massive infrastructure programme and higher corporate taxes. Signs of a strong economic rebound led to the fourth consecutive quarter of gains in all three major stock indexes. The Dow fell 85.41 points, or 0.26%, to 32981.55; the Nasdaq rose 201.48 points, or 1.54%, to 13246.87; and the Standard & Poor's 500 Index rose 14.34 points, or 0.36%, to 3972.89.
On the crude side, crude oil fell the most in a week as France announced that it would launch a month-long blockade and OPEC+ expressed concern about the outlook for oil demand on the eve of the production decision. Crude oil futures fell 2.3% in New York to their lowest level in nearly a week. French President Jean-Claude Macron said in a speech to the nation that the epidemic is more dangerous than it was in the autumn.
In terms of precious metals, international gold futures closed higher on Wednesday, recovering recent losses, driven by a fall in the dollar. Gold prices had fallen to a more than three-week low, but high US bond yields still led to its biggest quarterly decline since the fourth quarter of 2016. The dollar index has fallen from a nearly five-month high. Analysts point out that President Joe Biden's "very large structural stimulus package" has raised concerns about inflation and should be able to support the gold market.
On the data side, China's manufacturing PMI in March was 51.9, expected to be 51.2, with a previous value of 50.6. China's non-manufacturing PMI for March is 56.3, expected to be 52, with a previous value of 51.4.
Zhao Qinghe, senior statistician at the Service Industry Survey Center of the National Bureau of Statistics: in March, China's manufacturing purchasing manager index, non-manufacturing business activity index and composite PMI output index were 51.9%, 56.3% and 55.3% respectively, up 1.3,4.9 and 3.7 percentage points from the previous month. China's economy as a whole continued to expand.
Germany's unemployment rate after quarterly adjustment in March: 6.00%, expected 6.00%, announced 6%. German unemployment after quarterly adjustment in March (10,000): previous value of 0.9, expected to be-0.3, reported-0.8.
Euro zone March CPI annual rate initial: the previous value of 0.90%, expected 1.3%, published 1.3%. Euro zone March CPI monthly rate: previous value 0.20%, expected 1.00%, published 0.9%.
Justin, an analyst at Forexlive, commented that although the overall CPI: in the euro zone rose in March, it was lower than expected, and if higher energy prices were excluded, the core CPI could be lower, so overall there is still no evidence that inflationary pressures in the euro zone will rise sharply. So the ECB may not feel that there will be a problem with inflation.
ADP employment in the United States increased by 517000 in March, compared with an estimated increase of 550000, compared with a previous increase of 117000. ADP employment in the United States rose by 517000 in March, the highest increase since September last year. Manufacturing employment increased by 49000 in March and decreased by 14000 in February. Trade / transport / utility employment increased by 92000 in March and 48000 in February.
NelaRichardson:3, chief economist of the ADP, reported a marked improvement in labor market data for the month, which showed the strongest growth since September 2020. Employment growth in the service sector significantly exceeded the recent monthly average, with employment growth in the leisure and hotel sectors being the most significant. The job market continues to recover fully and slowly, and we see that large enterprises are increasingly feeling the impact of novel coronavirus's epidemic, while job growth in the commodity manufacturing industry has stagnated. While the epidemic is still dominant, the service industry is still far below the pre-epidemic level. However, with the passage of time and increased consumer confidence, these industries are likely to be the biggest beneficiaries.
The pre-PMI: value of Chicago in March was 59.5, expected to be 60.7, and announced 66.3. Chicago PMI recorded 66.3 in March, the highest since February 2019.
The monthly rate of signed sales index of existing homes in the United States in February: previous value-2.80%, expected-2.9%, published-10.6%. The signed sales index of existing homes in the United States recorded a monthly rate of-10.6% in February, the lowest since April last year.
The index of contracted sales of existing homes in the United States fell 10.6% in February from the previous month, the biggest drop since April last year. Soaring house prices and insufficient inventories are slowing the housing boom during the epidemic, and severe winter weather has also limited home purchases in February. At the same time, the average interest rate on 30-year fixed-rate mortgages has been rising, which could affect buyer demand in the coming months.
EIA report: us crude oil exports rose 693000 b / d to 3.174 million b / d last week. Us EIA crude oil inventory (10,000 barrels) for the week to March 26th: previous value 191.2, expected 10.7, published-87.6. Domestic crude oil production in the United States in the week to March 26 was the highest since December 4, 2020. The (EIA): of the US Energy Information Administration last week saw crude oil stocks in the Midwest fall to their lowest level since March 2020.
The EIA report: except that the commercial crude oil inventory of the strategic reserve decreased by 876000 b / d to 501.8 million b / d, US domestic crude oil production increased by 100000 b / d to 11.1 million b / d last week; excluding the import of 6.145 million b / d of commercial crude oil from the strategic reserve last week, an increase of 523000 b / d over the previous week; the average four-week supply of US crude oil products was 19.155 million b / d, a decrease of 4.9% compared with the same period last year; Us crude oil exports rose 693000 b / d to 3.174 million b / d last week.
