Verdict: • Short-run Neutral. Macro: • IMF predicted 3.2% and 3.3% growth on global economy in 2024 and 2025 respectively. IMF increased China economy growth from 4.6% to 5%. IMF decreased US economy growth from 2.7% to 2.6%. • Physical gold up 1.92% yesterday, refreshed historical high at $2468.7/oz. Iron Ore Key Indicators: …
Tag archives: CC
Daily Virtual Steel Mill Report 16/07/24
Verdict: • Short-run Neutral. Macro: • China H1 GDP amount at 61.68 trillion yuan, GDP growth rate up 5% on the year. China H1 industrial value added amount above designated scale up 6% on the year. Iron Ore Key Indicators: • Platts62 $108.75, +0.75, MTD $109.75. • Rio Tinto Q2 iron ore production …
Daily Virtual Steel Mill Report 15/07/24
Verdict: • Short-run Neutral. Macro: • China customs: China toal import and export value of goods reached 21.17 trillion yuan, increased by 6.1% on the year and refreshed the highest single month record. • US June PPI annual rate increased by 2.6%, est. 2.3%, last 2.2%. PPI monthly rate in June increased by 0.2%, …
Daily Virtual Steel Mill Report 12/07/24
Verdict: • Short-run Neutral. Macro: • In June, the US CPI increased by 3% year-on-year, falling back to the lowest level since June last year, estimated 3.1%, last 3.3%. The June CPI decreased by 0.1% month on month, estimated 0.1%, last 0%. The core CPI in June increased by 3.3% year-on-year, falling to the …
Daily Virtual Steel Mill Report 11/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • Federal Reserve Chair Jerome Powell said he believed inflation was receding, yet to prove that price gains were sustainably slowing to the central bank’s 2% growth rate. • China Regulative Body CSRC approved an increase in margin requirements for short selling. The biggest lending provider will …
Daily Virtual Steel Mill Report 10/07/24
Verdict: • Short-run Neutral. Macro: • Both S&P 500 and Nasdaq hit new closing highs on Tuesday, driven by the rise of Nvidia. Earlier, Federal Reserve Chairman Powell told lawmakers that more “good” economic data would strengthen the reason for interest rate cuts. The S&P 500 index rose 0.07% to close at 5576.98. The …
Daily Virtual Steel Mill Report 09/07/24
Verdict: • Short-run Neutral. Macro: • China central bank PBOC announced to carry out a new tool: an afternoon window for reverse repo operations to help manage intra-day liquidity and ease market panic for potential funding tension. Iron Ore Key Indicators: • Platts62 $108.65, -1.85, MTD $111.21. Iron ore market entered watch and …
Daily Virtual Steel Mill Report 08/07/24
Verdict: • Short-run Neutral. Macro: • US non-agricultural payroll grew 206,000, estimated 190,000, last 272,000. The unexpected unemployment rate reached 4.1%, refreshed new high from June 2021. • The new-built commercial houses trades in area created new high in 2024 for Beijing, Shanghai, Guangzhou and Shenzhen in June, grew by 21%, 66%, 48% and …
Daily Virtual Steel Mill Report 03/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • The United Nations conference on trade and development predicted that the global GDP growth will be around 3% in 2024, the short-term trade outlook is cautiously optimistic. Global trade volume may reach 32 $trillion in 2024, however lower than record high at 2022. • US Federal …
Daily Virtual Steel Mill Report 02/07/24
Verdict: • Short-run Neutral. Macro: • China Caixin markit PMI up to 51.8 in June, refreshed new high from June in 2021, indicating the manufacturing operation entered an expansion period. • On Monday, iron ore, major commodities and equity market spiked supported by Chinese central bank PBOC plan to borrow government bonds from primary …