Macro Roundup (Sep 28)

SHANGHAI, Sep 28 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar advanced for a second straight session on Monday, bolstered by the rise in Treasury yields ahead of a slew of Federal Reserve speakers this week who could affirm expectations of the start of asset purchase reduction before the end of the year.

U.S. benchmark 10-year Treasury yields hit a three-month high of $1.516% on Monday.

U.S. stock futures were steady in overnight trading Monday following a rise in bond yields that pressured growth pockets in the market.

Dow Jones Industrial Average futures fell just 20 points. S&P 500 futures were flat, and Nasdaq 100 futures fell 0.2%.

The 10-year Treasury yield rose on economic optimism and inflation fears, briefly topping 1.5% on Monday, its highest level since June.

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.

Brent crude climbed 1.84%, or $1.44, to settle at $79.53 per barrel, having risen for a third consecutive week through Friday. U.S. Oil settled $1.47, or 2%, higher at $75.45 per barrel, its highest since July, after rising for a fifth straight week last week.

Gold prices steadied in choppy trading on Monday, with gains curbed by a stronger dollar and an uptick in U.S. Treasury yields, while investors awaited speeches from Federal Reserve policymakers for more clues on the tapering strategy.

The pan-European Stoxx 600 provisionally closed marginally lower, having given up gains of up to 0.7% earlier in the session. Oil and gas stocks jumped 2.8% while tech shares fell 1.4%.
In Germany, preliminary results on Monday morning showed the center-left Social Democratic Party gaining the largest share of the vote with 25.7%. Angela Merkel’s right-leaning bloc of the Christian Democratic Union and Christian Social Union was seen with 24.1% of the vote.