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MTECHTIPS:-COMMODITY NEWS
1.People's Bank of China slashed the reserve requirement ratio (RRR) by 50 basis points to 20% for large commercial banks. The move is expected to add as much as 400 billion yuan of liquidity to the financial system and will be effective from May 18.
2. The dollar index buoyed by 0.14% at 80.3 against the basket of 6 major currencies as the reduced risk appetite in the global financial markets helped the safe haven dollar to edge higher.
3. China's production of refined copper fell 3.7% 491000 in April on m-o-m basis, as per the National Bureau of Statistics, indicating the impact of weaker-than-expected domestic demand on smelter operating rates.
4.In Greece, political leaders ignored a final plea from the president to form a coalition government to avert a repeat election, pushing Athens closer to bankruptcy and a possible exit from the euro zone.
5. China's industrial production rose 9.3% in April on y-o-y, well below expectations and down from nearly 12% on m-o-m basis. Investment and retail sales also slowed, though easing inflation offers leeway for fresh moves to boost growth. Retail sales gained 14.1% in April.
6. In the US economic front, consumer sentiment improved in early May, bucking economists' expectations for a decline. University of Michigan Thomson Reuters index of consumer sentiment rose to 77.8 in May from 76.4 in April.
1.People's Bank of China slashed the reserve requirement ratio (RRR) by 50 basis points to 20% for large commercial banks. The move is expected to add as much as 400 billion yuan of liquidity to the financial system and will be effective from May 18.
2. The dollar index buoyed by 0.14% at 80.3 against the basket of 6 major currencies as the reduced risk appetite in the global financial markets helped the safe haven dollar to edge higher.
3. China's production of refined copper fell 3.7% 491000 in April on m-o-m basis, as per the National Bureau of Statistics, indicating the impact of weaker-than-expected domestic demand on smelter operating rates.
4.In Greece, political leaders ignored a final plea from the president to form a coalition government to avert a repeat election, pushing Athens closer to bankruptcy and a possible exit from the euro zone.
5. China's industrial production rose 9.3% in April on y-o-y, well below expectations and down from nearly 12% on m-o-m basis. Investment and retail sales also slowed, though easing inflation offers leeway for fresh moves to boost growth. Retail sales gained 14.1% in April.
6. In the US economic front, consumer sentiment improved in early May, bucking economists' expectations for a decline. University of Michigan Thomson Reuters index of consumer sentiment rose to 77.8 in May from 76.4 in April.
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