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Macro Roundup (Apr 13)
2023-4-13
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar fell on Wednesday after data showed U.S. consumer prices rose less than expected in March, raising expectations that the Fed is likely to stop hiking rates after a possible increase in May.
The Consumer Price Index climbed 0.1% last month, below economists’ expectations for a 0.2% gain, and down from a 0.4% increase in February. In the 12 months through March, the CPI increased 5.0%, the smallest year-on-year gain since May 2021. The CPI rose 6.0% on a year-on-year basis in February.
Minutes from the Fed’s March meeting released on Wednesday showed that several Fed officials considered pausing interest rate increases until it was clear the failure of two regional banks would not cause wider financial stress, but even they ultimately concluded high inflation remained the priority.
Stock futures were little changed on Wednesday evening, as investors weighed recession risk following the latest meeting minutes from the Federal Reserve.
Futures linked to the Dow Jones Industrial Average were 60 points lower, or 0.2%, while Nasdaq 100 futures inched down 0.1%. Futures tied to the S&P 500 fell about 0.2%.
Stocks ended Wednesday’s regular trading session on a down note. The S&P 500 closed 0.41% lower, while the Nasdaq Composite dropped 0.85%. The Dow snapped a four-day winning streak, ending the day down 38.29 points, or 0.11%.
At first, the major averages were earlier in the session following the release of March’s consumer price index report, which showed headline pressures slowed last month. The CPI advanced 0.1% month over month in March, and 5% from the prior year. Traders’ sentiment turned in the afternoon following the release of minutes from the March Federal Open Market Committee meeting.
Investors will now turn their attention to wholesale inflation data, with the producer price index report from the Bureau of Labour Statistics due out at 8:30 a.m. ET on Thursday. Weekly jobless claims are also due at that time.
Oil prices rose 2% on Wednesday as cooling U.S. inflation data spurred hopes that the Federal Reserve is getting closer to ending its cycle of interest-rate hikes and cushioned the impact of a small build in U.S. crude oil stocks.
Brent crude settled up $1.72, or 2.01%, at $87.33 a barrel while U.S. West Texas Intermediate closed up $1.73, or 2.1%, to $83.26. Prices rose about 2% on Tuesday.
Gold prices jumped on Wednesday as signs of cooling inflation bolstered bets that the U.S. Federal Reserve may pause its policy tightening after a likely interest rate hike in May.
Spot gold was up 0.6% at $2,014.39 per ounce by 2:10 p.m. EDT (18:10 GMT), after rising as much as 1.3% earlier. U.S. gold futures settled 0.3% higher at $2,024.90.
European markets closed slightly higher on Wednesday as investors digested key inflation data from the U.S.
The pan-European Stoxx 600 index provisionally closed up 0.11%, trimming earlier gains.
The U.S. dollar fell on Wednesday after data showed U.S. consumer prices rose less than expected in March, raising expectations that the Fed is likely to stop hiking rates after a possible increase in May.
The Consumer Price Index climbed 0.1% last month, below economists’ expectations for a 0.2% gain, and down from a 0.4% increase in February. In the 12 months through March, the CPI increased 5.0%, the smallest year-on-year gain since May 2021. The CPI rose 6.0% on a year-on-year basis in February.
Minutes from the Fed’s March meeting released on Wednesday showed that several Fed officials considered pausing interest rate increases until it was clear the failure of two regional banks would not cause wider financial stress, but even they ultimately concluded high inflation remained the priority.
Stock futures were little changed on Wednesday evening, as investors weighed recession risk following the latest meeting minutes from the Federal Reserve.
Futures linked to the Dow Jones Industrial Average were 60 points lower, or 0.2%, while Nasdaq 100 futures inched down 0.1%. Futures tied to the S&P 500 fell about 0.2%.
Stocks ended Wednesday’s regular trading session on a down note. The S&P 500 closed 0.41% lower, while the Nasdaq Composite dropped 0.85%. The Dow snapped a four-day winning streak, ending the day down 38.29 points, or 0.11%.
At first, the major averages were earlier in the session following the release of March’s consumer price index report, which showed headline pressures slowed last month. The CPI advanced 0.1% month over month in March, and 5% from the prior year. Traders’ sentiment turned in the afternoon following the release of minutes from the March Federal Open Market Committee meeting.
Investors will now turn their attention to wholesale inflation data, with the producer price index report from the Bureau of Labour Statistics due out at 8:30 a.m. ET on Thursday. Weekly jobless claims are also due at that time.
Oil prices rose 2% on Wednesday as cooling U.S. inflation data spurred hopes that the Federal Reserve is getting closer to ending its cycle of interest-rate hikes and cushioned the impact of a small build in U.S. crude oil stocks.
Brent crude settled up $1.72, or 2.01%, at $87.33 a barrel while U.S. West Texas Intermediate closed up $1.73, or 2.1%, to $83.26. Prices rose about 2% on Tuesday.
Gold prices jumped on Wednesday as signs of cooling inflation bolstered bets that the U.S. Federal Reserve may pause its policy tightening after a likely interest rate hike in May.
Spot gold was up 0.6% at $2,014.39 per ounce by 2:10 p.m. EDT (18:10 GMT), after rising as much as 1.3% earlier. U.S. gold futures settled 0.3% higher at $2,024.90.
European markets closed slightly higher on Wednesday as investors digested key inflation data from the U.S.
The pan-European Stoxx 600 index provisionally closed up 0.11%, trimming earlier gains.
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