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Macro Roundup (May 12)
2023-5-12
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar rose against the euro and sterling on Thursday and set a more than one-week high against a basket of its major peers as traders sought safety after a series of economic data prompted a reassessment of their outlook for global monetary policy.
The number of Americans filing new claims for unemployment benefits jumped to a 1-1/2-year high last week, pointing to cracks in the labour market as demand slows, potentially giving the Federal Reserve room to halt further interest rate increases next month.
U.S. producer prices, on the other hand, showed a moderate rise last month, posting the smallest annual increase in producer inflation in more than two years, further evidence that inflation pressures were easing.
The producer price index for final demand rose 0.2% last month. In the 12 months through April, the PPI increased 2.3%. That was the smallest year-on-year rise since January 2021 and followed a 2.7% advance in March.
U.S. stock futures were little changed on Thursday night.
Dow Jones Industrial Average futures rose 26 points, or 0.08%. S&P 500 and Nasdaq 100 futures climbed 0.12% and 0.12%, respectively.
It is reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
Meanwhile, weaker-than-expected wholesale prices data, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn ahead — particularly as a handful of stocks continue to carry the market.
As of Thursday’s close, the Dow and the S&P 500 are headed for their second negative week in a row, down 1.08% and 0.14% this week, respectively. However, the Nasdaq Composite is on pace for its third straight positive week, up 0.76%.
Oil prices slid about 2% on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world’s biggest oil consumer, while rising U.S. jobless claims weighed on sentiment and a stronger dollar pressured oil too.
Brent crude last fell $1.43, or 1.87%, to $74.98 a barrel. U.S. crude futures shed $1.67, down 2.32%, to $70.88.
Gold retreated on Thursday as rival safe-haven dollar advanced and outweighed support for bullion from lingering economic risks, while traders digested the impact of weak data on the interest rate outlook.
Spot gold was last down 0.75% to $2,014.3021 per ounce, while U.S. gold futures settled down 0.8% to $2,020.50.
European markets closed marginally lower Thursday as international investors continued to digest the latest U.S. economic figures and an interest rate hike in line with expectations in the U.K.
The pan-European Stoxx 600 index closed flat, having evened out earlier gains and losses.
The U.S. dollar rose against the euro and sterling on Thursday and set a more than one-week high against a basket of its major peers as traders sought safety after a series of economic data prompted a reassessment of their outlook for global monetary policy.
The number of Americans filing new claims for unemployment benefits jumped to a 1-1/2-year high last week, pointing to cracks in the labour market as demand slows, potentially giving the Federal Reserve room to halt further interest rate increases next month.
U.S. producer prices, on the other hand, showed a moderate rise last month, posting the smallest annual increase in producer inflation in more than two years, further evidence that inflation pressures were easing.
The producer price index for final demand rose 0.2% last month. In the 12 months through April, the PPI increased 2.3%. That was the smallest year-on-year rise since January 2021 and followed a 2.7% advance in March.
U.S. stock futures were little changed on Thursday night.
Dow Jones Industrial Average futures rose 26 points, or 0.08%. S&P 500 and Nasdaq 100 futures climbed 0.12% and 0.12%, respectively.
It is reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
Meanwhile, weaker-than-expected wholesale prices data, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn ahead — particularly as a handful of stocks continue to carry the market.
As of Thursday’s close, the Dow and the S&P 500 are headed for their second negative week in a row, down 1.08% and 0.14% this week, respectively. However, the Nasdaq Composite is on pace for its third straight positive week, up 0.76%.
Oil prices slid about 2% on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world’s biggest oil consumer, while rising U.S. jobless claims weighed on sentiment and a stronger dollar pressured oil too.
Brent crude last fell $1.43, or 1.87%, to $74.98 a barrel. U.S. crude futures shed $1.67, down 2.32%, to $70.88.
Gold retreated on Thursday as rival safe-haven dollar advanced and outweighed support for bullion from lingering economic risks, while traders digested the impact of weak data on the interest rate outlook.
Spot gold was last down 0.75% to $2,014.3021 per ounce, while U.S. gold futures settled down 0.8% to $2,020.50.
European markets closed marginally lower Thursday as international investors continued to digest the latest U.S. economic figures and an interest rate hike in line with expectations in the U.K.
The pan-European Stoxx 600 index closed flat, having evened out earlier gains and losses.
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