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Macro Roundup (Apr 27)
2023-4-27
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar retreated on Wednesday on further signs of a U.S. economic slowdown after orders for core capital goods slipped more than expected in March as concerns festered about a looming vote in Congress over the unresolved debt ceiling.
Sterling was last trading at $1.2466, up 0.47% on the day, while the dollar was down 0.3% against the yen at 133.67.
The Swedish crown weakened sharply after the country’s central bank was less hawkish than expected, while the euro rebounded 0.6% from losses on Tuesday when jitters over U.S. regional banks buoyed the safe-haven dollar.
The Fed is expected to hike rates by 25 basis points when policymakers conclude a two-day meeting on May 3, and then will likely pause its rate hike campaign.
But the market expects further rate hikes from the European Central Bank, a difference with the Fed that is driving currency moves.
U.S. stock futures ticked higher on Wednesday night.
Nasdaq 100 futures gained 0.5%, while S&P 500 futures added 0.2%. Futures linked to the Dow Jones Industrial Average advanced by 27 points, or 0.08%.
Meta shares leapt in after-hours trading as the company reported quarterly revenue that beat analysts’ expectations. The company issued stronger-than expected guidance for the current period.
During regular trading Wednesday, the Dow shed 228.96 points, or 0.68%. The S&P 500 slid 0.38%, while the tech-heavy Nasdaq Composite rose 0.47%.
In Wednesday’s session, Microsoft shares jumped more than 7%, buoyed by an earnings beat posted late Tuesday. Meanwhile, First Republic shares tumbled almost 30%, as investors became concerned over the regional bank’s health.
Oil prices dropped by almost 4% on Wednesday, extending the previous session’s sharp losses, even after a report showed U.S. crude inventories fell more than expected, as recession fears grew for the world’s biggest economy.
Brent crude settled at $77.69 a barrel, losing $3.08, or 3.8%. U.S. West Texas Intermediate crude settled at $74.30 a barrel, shedding $2.77, or 3.6%.
Gold eased back on Wednesday as yields recovered with the focus returning to upcoming economic data, after briefly breaking above $2,000 spurred by fresh worries surrounding the U.S. banking turmoil.
U.S. gold futures slipped 0.42% to settle at $1,996.0, ending a two-day win streak .
European stock markets closed lower on Wednesday as concerns resurfaced over the health of the global banking sector.
The pan-European Stoxx 600 index closed 0.8% lower, with healthcare stocks down 2.5%, industrials down 1.4% and household goods down 1.2%.
The U.S. dollar retreated on Wednesday on further signs of a U.S. economic slowdown after orders for core capital goods slipped more than expected in March as concerns festered about a looming vote in Congress over the unresolved debt ceiling.
Sterling was last trading at $1.2466, up 0.47% on the day, while the dollar was down 0.3% against the yen at 133.67.
The Swedish crown weakened sharply after the country’s central bank was less hawkish than expected, while the euro rebounded 0.6% from losses on Tuesday when jitters over U.S. regional banks buoyed the safe-haven dollar.
The Fed is expected to hike rates by 25 basis points when policymakers conclude a two-day meeting on May 3, and then will likely pause its rate hike campaign.
But the market expects further rate hikes from the European Central Bank, a difference with the Fed that is driving currency moves.
U.S. stock futures ticked higher on Wednesday night.
Nasdaq 100 futures gained 0.5%, while S&P 500 futures added 0.2%. Futures linked to the Dow Jones Industrial Average advanced by 27 points, or 0.08%.
Meta shares leapt in after-hours trading as the company reported quarterly revenue that beat analysts’ expectations. The company issued stronger-than expected guidance for the current period.
During regular trading Wednesday, the Dow shed 228.96 points, or 0.68%. The S&P 500 slid 0.38%, while the tech-heavy Nasdaq Composite rose 0.47%.
In Wednesday’s session, Microsoft shares jumped more than 7%, buoyed by an earnings beat posted late Tuesday. Meanwhile, First Republic shares tumbled almost 30%, as investors became concerned over the regional bank’s health.
Oil prices dropped by almost 4% on Wednesday, extending the previous session’s sharp losses, even after a report showed U.S. crude inventories fell more than expected, as recession fears grew for the world’s biggest economy.
Brent crude settled at $77.69 a barrel, losing $3.08, or 3.8%. U.S. West Texas Intermediate crude settled at $74.30 a barrel, shedding $2.77, or 3.6%.
Gold eased back on Wednesday as yields recovered with the focus returning to upcoming economic data, after briefly breaking above $2,000 spurred by fresh worries surrounding the U.S. banking turmoil.
U.S. gold futures slipped 0.42% to settle at $1,996.0, ending a two-day win streak .
European stock markets closed lower on Wednesday as concerns resurfaced over the health of the global banking sector.
The pan-European Stoxx 600 index closed 0.8% lower, with healthcare stocks down 2.5%, industrials down 1.4% and household goods down 1.2%.
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