• 11/08/2022 9:12 pm

SHANGHAI, Aug 17 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

Base metals on the LME cruised higher for the most part on last Friday on weak dollar, with LME nickel jumping 2.46%.

The dollar steadied on Friday as a jump in US bond yields and a drag on sentiment from lackluster Chinese economic data put the brakes on a selldown of the world’s reserve currency.

China’s retail sales unexpectedly extended their fall into a seventh month in July and industrial output missed expectations – suggesting bumps in even the world’s most promising rebound.

The delay in the passage of additional US stimulus for virus relief did not help the dollar’s cause as well.

The dollar’s eight straight weeks of losses was its longest run of weakness in a decade, with Friday’s decent batch of US economic data failing to lift the greenback

Gold fell on Friday, on track for its worst week since March, as an uptick in US Treasury yields and a logjam over a US stimulus bill to help the coronavirus-hit economy dented the metal’s allure.

Spot gold dipped 0.5% to $1,943.18 per ounce and US gold futures settled down 1% at $1,949.80.

After hitting a record peak of $2,072.50 on Aug. 7 and rising over the previous nine weeks, bullion declined 4.5% last week.

Poor economic data from far and wide, including disappointing US retail sales, also did not help safe-haven gold. The benchmark US 10-year Treasury yield hovered near seven-week highs, while hopes for a fresh round of US coronavirus relief faded as Congress went into recess.

Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories.

Last week, two prominent forecasters, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), trimmed their 2020 oil demand forecasts. OPEC and its allies are increasing output this month.

Brent crude fell 10 cents to $44.86 per barrel, while West Texas Intermediate settled 23 cents lower at $43.01 per barrel.

Prices had been bolstered last week by U.S. government data showing crude oil, gasoline and distillate inventories falling a week before as refiners ramped up production and demand for oil products rose.

The number of US oil and gas rigs, an indicator of future supply, fell last week for a 15th straight week to record lows, according to energy services firm Baker Hughes.

On Wall Street, stock futures rose on Sunday night after Wall Street logged in its third consecutive weekly gain, but fell short of breaking the all-time high set on Feb. 19.

Dow Jones Industrial Average futures were up by 72 points, or 0.3%. S&P 500 and Nasdaq 100 futures each traded higher by 0.2%.

Shanghai base metals closed mixed on Friday night. Copper rose 0.84% and nickel firmed 0.82%, while aluminium fell 0.38%, zinc weakened 0.13% and tin edged 0.08% lower. Lead ended flat last Friday night.

Their counterparts on the LME mostly traded higher on Friday. Nickel surged 2.46%, copper rose 1.52%, tin strengthened 1% and zinc added 0.21%, while aluminium fell 1.28% and lead edged 0.08% lower.

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