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Macro Roundup (May 31)
2023-5-31
This is a roundup of global macroeconomic news last night and what is expected today.
Currency markets were choppy on Tuesday as the dollar hit a 10-week high against peers and a six-month top versus the yen before retreating after Japanese officials gave their currency a nudge.
Stock futures were flat on Tuesday evening as investors kept an eye on the federal debt ceiling debate in Washington ahead of the final trading day of May.
Futures tied to the Dow Jones Industrial Average dipped 31 points, or about 0.1%. S&P 500 futures and Nasdaq 100 futures were each little changed.
The move in futures comes after a muted day of trading on Tuesday that saw the Dow shed about 50 points while the Nasdaq Composite rose 0.3%.
Heading into the final trading day of May, the Nasdaq Composite is up nearly 6.5% for the month. The S&P 500, however, is up only about 0.9%, while the Dow has fallen 3.1%.
Oil prices fell by more than 4% on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend.
Brent crude futures fell 4.58% to $73.54 a barrel. U.S. West Texas Intermediate (WTI) crude was down $4.42%, from Friday’s close, to $69.46 a barrel. There was no settlement on Monday because of a U.S. public holiday.
Gold bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal.
Spot gold rose 0.8% to $1,958.59, after hitting its lowest since March 17 earlier. U.S. gold futures added 0.7% at $1,958.
European stock markets closed lower Tuesday as market participants followed the latest U.S. debt ceiling developments.
The pan-European Stoxx 600
index provisionally ended 0.9% lower, with most sectors and major bourses in negative territory.
Currency markets were choppy on Tuesday as the dollar hit a 10-week high against peers and a six-month top versus the yen before retreating after Japanese officials gave their currency a nudge.
Stock futures were flat on Tuesday evening as investors kept an eye on the federal debt ceiling debate in Washington ahead of the final trading day of May.
Futures tied to the Dow Jones Industrial Average dipped 31 points, or about 0.1%. S&P 500 futures and Nasdaq 100 futures were each little changed.
The move in futures comes after a muted day of trading on Tuesday that saw the Dow shed about 50 points while the Nasdaq Composite rose 0.3%.
Heading into the final trading day of May, the Nasdaq Composite is up nearly 6.5% for the month. The S&P 500, however, is up only about 0.9%, while the Dow has fallen 3.1%.
Oil prices fell by more than 4% on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend.
Brent crude futures fell 4.58% to $73.54 a barrel. U.S. West Texas Intermediate (WTI) crude was down $4.42%, from Friday’s close, to $69.46 a barrel. There was no settlement on Monday because of a U.S. public holiday.
Gold bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal.
Spot gold rose 0.8% to $1,958.59, after hitting its lowest since March 17 earlier. U.S. gold futures added 0.7% at $1,958.
European stock markets closed lower Tuesday as market participants followed the latest U.S. debt ceiling developments.
The pan-European Stoxx 600
index provisionally ended 0.9% lower, with most sectors and major bourses in negative territory.
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