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Macro Roundup (Apr 25)
2023-4-25
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar fell to a more than one-week low against major currencies on Monday in generally thin trading, as investors continued to price in interest rate cuts this year by the Federal Reserve after a widely expected rate increase at next week’s policy meeting.
The Japanese currency, on the other hand, also struggled amid remarks from new Bank of Japan governor Kazuo Ueda about the need to maintain monetary easing ahead of a closely watched Bank of Japan meeting on Friday.
Aside from the Fed, the European Central Bank also meets next week and is also expected to lift rates by 25 basis points (bps), with the possibility of a 50-bps hike as well. Euro zone inflation and growth data are also due later this week.
Fed policymakers are widely expected to raise rates by another 25 bps at next week’s meeting, but they are seen pausing in June. The rate futures market has also factored in roughly 50 bps of rate cuts by the end of the year.
U.S. stock futures were flat on Monday night as traders await corporate earnings announcements from several Big Tech companies and consumer discretionary names, as well as new economic data.
Dow Jones Industrial Average futures slipped 12 points, or 0.42%. S&P 500 and Nasdaq 100 futures inched down 0.09% and 0.07%, respectively.
During Monday’s regular session, the tech-heavy Nasdaq Composite declined 0.29%. Meanwhile, the Dow rose by 66.44 points, or 0.2%, while the S&P 500 ticked up 0.09%.
UPS, 3M, Verizon, JetBlue and General Motors will be announcing their quarterly earnings Tuesday before the bell. Large-cap consumer names McDonald’s and PepsiCo will also issue results. Investors will also be keeping an eye on UBS’s report, which will be its first earnings release since its acquisition of Credit Suisse.
Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer.
Brent crude settled up $1.07, or 1.3%, at $82.73 a barrel while U.S. West Texas Intermediate crude settled up 89 cents, or 1.1%, at $78.76.
Gold firmed on Monday, helped by a weaker dollar, although prices were stuck in a tight range as traders turned their attention to this week’s economic data that may influence the U.S. Federal Reserve’s next policy decision.
Spot gold was 0.3% higher at $1,988.69 per ounce, while U.S. gold futures settled up 0.4% at $1,999.20.
European stock markets closed mixed on Monday, with the first-quarter earnings season well underway.
The pan-European Stoxx 600 index provisionally ended little changed for the session, with technology stocks down 1.1% and financial services up 0.6%.
The U.S. dollar fell to a more than one-week low against major currencies on Monday in generally thin trading, as investors continued to price in interest rate cuts this year by the Federal Reserve after a widely expected rate increase at next week’s policy meeting.
The Japanese currency, on the other hand, also struggled amid remarks from new Bank of Japan governor Kazuo Ueda about the need to maintain monetary easing ahead of a closely watched Bank of Japan meeting on Friday.
Aside from the Fed, the European Central Bank also meets next week and is also expected to lift rates by 25 basis points (bps), with the possibility of a 50-bps hike as well. Euro zone inflation and growth data are also due later this week.
Fed policymakers are widely expected to raise rates by another 25 bps at next week’s meeting, but they are seen pausing in June. The rate futures market has also factored in roughly 50 bps of rate cuts by the end of the year.
U.S. stock futures were flat on Monday night as traders await corporate earnings announcements from several Big Tech companies and consumer discretionary names, as well as new economic data.
Dow Jones Industrial Average futures slipped 12 points, or 0.42%. S&P 500 and Nasdaq 100 futures inched down 0.09% and 0.07%, respectively.
During Monday’s regular session, the tech-heavy Nasdaq Composite declined 0.29%. Meanwhile, the Dow rose by 66.44 points, or 0.2%, while the S&P 500 ticked up 0.09%.
UPS, 3M, Verizon, JetBlue and General Motors will be announcing their quarterly earnings Tuesday before the bell. Large-cap consumer names McDonald’s and PepsiCo will also issue results. Investors will also be keeping an eye on UBS’s report, which will be its first earnings release since its acquisition of Credit Suisse.
Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer.
Brent crude settled up $1.07, or 1.3%, at $82.73 a barrel while U.S. West Texas Intermediate crude settled up 89 cents, or 1.1%, at $78.76.
Gold firmed on Monday, helped by a weaker dollar, although prices were stuck in a tight range as traders turned their attention to this week’s economic data that may influence the U.S. Federal Reserve’s next policy decision.
Spot gold was 0.3% higher at $1,988.69 per ounce, while U.S. gold futures settled up 0.4% at $1,999.20.
European stock markets closed mixed on Monday, with the first-quarter earnings season well underway.
The pan-European Stoxx 600 index provisionally ended little changed for the session, with technology stocks down 1.1% and financial services up 0.6%.
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