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Macro Roundup (Apr 26)
2023-4-26
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar rose on Tuesday as market sentiment turned risk-averse amid worries about earnings and the outlook for the global economy, which knocked the euro off a nearly 10-month high.
The yen fell 0.39% to 133.70 per dollar. The euro was down around 0.62% against the dollar at $1.0973.
A weak consumer confidence report and a decline in Federal Reserve manufacturing data further added to the dollar’s safe-haven appeal.
Data showed U.S. consumer confidence fell to a nine-month low in April, a survey showed on Tuesday. The Conference Board said its consumer confidence index fell to 101.3 - the lowest since July 2022 - from a revised 104.0 in March.
The U.S. Richmond Fed manufacturing index slid as well, down at -10 in April, the fourth straight month of contraction.
U.S. stock futures rose Tuesday evening as Big Tech earnings began to roll out, led by Alphabet and Microsoft.
Futures tied to the Dow Jones Industrial Average gained 47 points or 0.1%. S&P 500 futures added 0.4%, and Nasdaq 100 futures gained 1.2%.
In regular trading Tuesday, the Dow fell about 344 points, or 1%. The S&P 500 finished 1.6% lower and the Nasdaq Composite dropped nearly 2%.
First Republic Bank said late Monday that its deposits dropped 40% to $104.5 billion in the first quarter. This reignited concerns about the broader banking sector and pressured the major averages Tuesday.
Elsewhere, investors are monitoring durable goods and mortgage purchase data Wednesday morning, before getting the latest GDP update Thursday and the big Personal Consumption Expenditures Price Index – the Fed’s favored inflation gauge – on Friday.
Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks.
Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. On Monday, both contracts rose by more than 1%.
Gold prices rose on Tuesday as steeply lower Treasury yields countered pressure from a stronger dollar, while investors awaited a slew of U.S. economic data due later this week that could sway the Federal Reserve’s interest rate-hike stance.
Spot gold was up 0.35% to $1,996.12 per ounce, while U.S. gold futures settled 0.34% higher at $2,006.60.
European stock markets fell on Tuesday after several sessions of muted trade.
The pan-European Stoxx 600 index closed the day down 0.4%, with most sectors finishing in the red.
The U.S. dollar rose on Tuesday as market sentiment turned risk-averse amid worries about earnings and the outlook for the global economy, which knocked the euro off a nearly 10-month high.
The yen fell 0.39% to 133.70 per dollar. The euro was down around 0.62% against the dollar at $1.0973.
A weak consumer confidence report and a decline in Federal Reserve manufacturing data further added to the dollar’s safe-haven appeal.
Data showed U.S. consumer confidence fell to a nine-month low in April, a survey showed on Tuesday. The Conference Board said its consumer confidence index fell to 101.3 - the lowest since July 2022 - from a revised 104.0 in March.
The U.S. Richmond Fed manufacturing index slid as well, down at -10 in April, the fourth straight month of contraction.
U.S. stock futures rose Tuesday evening as Big Tech earnings began to roll out, led by Alphabet and Microsoft.
Futures tied to the Dow Jones Industrial Average gained 47 points or 0.1%. S&P 500 futures added 0.4%, and Nasdaq 100 futures gained 1.2%.
In regular trading Tuesday, the Dow fell about 344 points, or 1%. The S&P 500 finished 1.6% lower and the Nasdaq Composite dropped nearly 2%.
First Republic Bank said late Monday that its deposits dropped 40% to $104.5 billion in the first quarter. This reignited concerns about the broader banking sector and pressured the major averages Tuesday.
Elsewhere, investors are monitoring durable goods and mortgage purchase data Wednesday morning, before getting the latest GDP update Thursday and the big Personal Consumption Expenditures Price Index – the Fed’s favored inflation gauge – on Friday.
Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks.
Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. On Monday, both contracts rose by more than 1%.
Gold prices rose on Tuesday as steeply lower Treasury yields countered pressure from a stronger dollar, while investors awaited a slew of U.S. economic data due later this week that could sway the Federal Reserve’s interest rate-hike stance.
Spot gold was up 0.35% to $1,996.12 per ounce, while U.S. gold futures settled 0.34% higher at $2,006.60.
European stock markets fell on Tuesday after several sessions of muted trade.
The pan-European Stoxx 600 index closed the day down 0.4%, with most sectors finishing in the red.
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