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Macro Roundup (Apr 12)
2023-4-12
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar rose on Tuesday as investors waited on inflation data for further signs of whether price pressures are ebbing and what it means for further Federal Reserve interest rate hikes.
The dollar index rose 0.1% to 102.22. The euro, however, gained 0.4% to $1.0906. The dollar also slid against the yen, after jumping on Monday as Bank of Japan Governor Kazuo Ueda signalled no hurry to dial back its massive stimulus.
Consumer price data on Wednesday is expected to show headline inflation rose by 0.2% in March, while core inflation rose 0.4%.
Strong jobs data for March have added to expectations that the U.S. central bank will complete one more rate hike. The data on Friday showed employers added 236,000 jobs while the unemployment rate fell to 3.5%.
Stock futures were flat in overnight trading Tuesday as investors turned their focus to March’s highly anticipated inflation report.
Futures tied to the Dow Jones Industrial Average traded flat, while S&P 500 and Nasdaq 100 futures inched 0.04% and 0.07% higher, respectively.
Stocks ended Tuesday’s regular session mixed. The S&P 500 closed little changed, while the Dow Jones Industrial Average gained 0.29% and Nasdaq Composite lost 0.43%.
Wall Street looked ahead to March’s consumer price index, a key data point that could affect the Federal Reserve’s rate decision come May. It could also cement the case for a stop to the central bank’s rate-hiking regime.
Minutes from the Federal Reserve’s March policy meeting are also due out Wednesday, and slated to offer further clues into the mindset behind the central bank’s 25 basis point hike in the wake of Silicon Valley Bank’s collapse and the turmoil that rattled the broader banking sector.
Oil prices rose about 2% on Tuesday on hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. inflation report this week, though concerns remain over Chinese demand.
Brent crude futures settled up $1.73 or 2.1%, to $85.57 a barrel. U.S. West Texas Intermediate futures rose $1.74 or 2.1%, to $81.48 a barrel.
Gold climbed back up above the key $2,000 level on Tuesday as the dollar came off last session’s peak, while traders hunkered down for Wednesday’s U.S. inflation data for cues on future interest rate hikes.
Spot gold rose 0.7% to $2,005.3376 per ounce while U.S. gold futures settled 0.8% higher at $2,021.0.
European stock markets returned from the long Easter weekend with positive momentum.
The pan-European Stoxx 600 index closed 0.6% higher provisionally, with most sectors and major bourses closing in the green.
The U.S. dollar rose on Tuesday as investors waited on inflation data for further signs of whether price pressures are ebbing and what it means for further Federal Reserve interest rate hikes.
The dollar index rose 0.1% to 102.22. The euro, however, gained 0.4% to $1.0906. The dollar also slid against the yen, after jumping on Monday as Bank of Japan Governor Kazuo Ueda signalled no hurry to dial back its massive stimulus.
Consumer price data on Wednesday is expected to show headline inflation rose by 0.2% in March, while core inflation rose 0.4%.
Strong jobs data for March have added to expectations that the U.S. central bank will complete one more rate hike. The data on Friday showed employers added 236,000 jobs while the unemployment rate fell to 3.5%.
Stock futures were flat in overnight trading Tuesday as investors turned their focus to March’s highly anticipated inflation report.
Futures tied to the Dow Jones Industrial Average traded flat, while S&P 500 and Nasdaq 100 futures inched 0.04% and 0.07% higher, respectively.
Stocks ended Tuesday’s regular session mixed. The S&P 500 closed little changed, while the Dow Jones Industrial Average gained 0.29% and Nasdaq Composite lost 0.43%.
Wall Street looked ahead to March’s consumer price index, a key data point that could affect the Federal Reserve’s rate decision come May. It could also cement the case for a stop to the central bank’s rate-hiking regime.
Minutes from the Federal Reserve’s March policy meeting are also due out Wednesday, and slated to offer further clues into the mindset behind the central bank’s 25 basis point hike in the wake of Silicon Valley Bank’s collapse and the turmoil that rattled the broader banking sector.
Oil prices rose about 2% on Tuesday on hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. inflation report this week, though concerns remain over Chinese demand.
Brent crude futures settled up $1.73 or 2.1%, to $85.57 a barrel. U.S. West Texas Intermediate futures rose $1.74 or 2.1%, to $81.48 a barrel.
Gold climbed back up above the key $2,000 level on Tuesday as the dollar came off last session’s peak, while traders hunkered down for Wednesday’s U.S. inflation data for cues on future interest rate hikes.
Spot gold rose 0.7% to $2,005.3376 per ounce while U.S. gold futures settled 0.8% higher at $2,021.0.
European stock markets returned from the long Easter weekend with positive momentum.
The pan-European Stoxx 600 index closed 0.6% higher provisionally, with most sectors and major bourses closing in the green.
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