Monthly Metal Review
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
An October oil-price plunge had oil-exporting countries bracing for budget shortfalls. But analysts said cheaper oil could provide global stimulus as great as $1.1 trillion.
China’s third-quarter economy grew by 7.3 percent on-year. It was down from the second quarter’s 7.5 percent, but better than expected.
China prepared to inject 200 billion yuan (US$32.66 billion) in three-month loans into listed banks to maintain liquidity. This follows a 500-billion-yuan September injection. Beijing said foreign direct investment climbed 1.9 percent on-year in September.
On the bright side, Europe’s new-car sales accelerated by 6.4 percent in September. Nearly 1.24 million new cars sold in the 13th month of sales growth.
Germany slashed its 2014 growth estimate to 1.2 percent from 1.8 percent and cut the 2015 forecast to 1.3 percent from 2 percent. The influential ZEW survey fell to minus 3.6, from September’s +6.9. The economy minister blamed geopolitical conflicts and mediocre global growth.
The U.S. added a robust 248,000 jobs in September as unemployment dipped to a six-year low of 5.9 percent. The dollar climbed to its highest in more than four years whilst the euro fell to a two-year low against the dollar.
U.S. industrial production rose 1 percent in September, the biggest gain in nearly two years. September U.S. car and truck sales jumped 9 percent on-year to 1.2 million vehicles, an annualized 16.4-million.
The U.S. Federal Reserve has held its benchmark federal funds rate at 0 percent since the financial crisis hit in late 2008. Meeting minutes showed the Fed is leaning towards keeping rates low.
The U.S. trade deficit unexpectedly narrowed in August to its smallest in seven months on an exports boost. The trade gap fell 0.5 percent on-month to $40.1 billion. Exports rose 0.2 percent to $198.5 billion.
The Bank of England kept UK interest rates at 0.5 percent. It declined extending quantitative easing beyond GBP375 billion already spent. The BoE’s chief economist said rates could stay low without unwanted inflation and called the UK’s strong economic recovery jobs-rich, but pay-poor. Analysts said rates could stay at 0.5 percent through next August or autumn.
The third-quarter UK economy grew 0.7 percent on-quarter. The expansion is down slightly from 0.9 percent but among the strongest of developed economies.
September UK inflation fell to a five-year low of 1.2 percent from August’s 1.5 percent. Unemployment fell below 2 million, but British manufacturing expanded at the slowest rate in 17 months. Still, UK new-car sales had the strongest September in a decade. Sales were up 5.6 percent on-year.
The London Metal Exchange will raise transaction fees January 1 by an average of 34 percent. This will be the first price hike since Hong Kong Exchanges & Clearing bought the LME in 2012. Ring members will pay 50 cents for one side of a contract in trading and clearing fees, up from 38 cents. Members without floor-trade rights will pay 90 cents, from 58 cents.