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April 9, 2018
SHANGHAI, Apr 4 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar inched up and stood firmly above 90 as US stocks rebounded and as the euro edged down.
SHFE metals fell across the board, except for copper and nickel, with zinc down close to 1%. Most LME metals gained, with nickel up close to 1%. LME copper touched a one-week high at one point and closed higher over 1%.
The final IHS Markit purchasing managers’ index (PMI) for eurozone’s manufacturing sector came in at 56.6, in line with the expectation. However, this marked an eight-month low and suggested a slowdown in the eurozone’s economic growth. Germany’s PMI stood at 58.2, while France’s PMI registered a one-year low of 53.7.
Chief economist at IHS Markit, Chris Williamson, said that there was no cause for concern by the decline in PMI as growth inevitably eased after the surge at the start of the year. “This has been clearly evident in the recent lengthening of supply delivery times. Some of the slowdown has also been attributable to temporary factors such as bad weather,” he added.
Inventories of US crude oil during the week ended March 30 dropped by 3.28 million barrels, according to data from the American Petroleum Institute. Gasoline inventories rose by 1.12 million barrels and refined oil inventories rose by 2.2 million barrels.
China’s Caixin service PMI in March stood at 52.3, lower than the expected 54.5 and the 54.2 in February.
Other key factors to watch today include the eurozone Consumer Price Index (CPI) in March, the US ADP employment data for March, its March’s ISM non-manufacturing PMI, and its weekly crude oil inventories.
The US dollar is likely to dip due to US’ Section 301 tariff on China today, while base metals are expected to trade rangebound with pressure today.