SHANGHAI, Aug 13 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

Gold recovered on Wednesday after dipping below the key $1,900 level earlier and a day after registering its worst fall in seven years as bleak economic data underscored concerns over a pandemic-led slowdown.

Spot gold climbed 1.4% to $1,937.42 per ounce, after declining as much as 2.5% earlier. US gold futures settled up 0.1% at $1,949.

The dollar fell from a one-week high on Wednesday, as political squabbling over a stimulus package for the US economy halted its recent rebound.

The greenback, however, rose to a three-week peak against the yen, climbing for a fourth straight session. The dollar/yen pair typically moves in tandem with US Treasury yields, with the 10-year advancing to a one-month high earlier in the session.

Stronger-than-expected US CPI numbers, meanwhile, briefly lifted the dollar against a basket of currencies. Data showed the US consumer price index rose 0.6% last month after rebounding 0.6% in June. Excluding the volatile food and energy components, the CPI jumped 0.6% last month. That was the largest gain since January 1991 and followed a 0.2% rise in June.

Futures contracts tied to the major US stock indexes held steady in extended trading Wednesday evening just hours after the S&P 500 flirted with, but fell just short of, a new record close.

Dow Jones Industrial Average futures rose 30 points, implying an opening move just above the flatline when regular trading resumes. S&P 500 futures posted muted trades while Nasdaq-100 futures indicated a slightly lower opening trade.

Crude prices rose more than 2% on Wednesday after government data showed US oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.

Brent crude was up 95 cents, or 2.1%, at $45.44 a barrel, after falling around 1% on Tuesday. West Texas Intermediate oil gained $1.06, or 2.55%, to settle at $42.67 per barrel, having dropped 0.8% in the previous session.

US crude oil, gasoline and distillate inventories fell last week as crude production dropped sharply and refiners ramped up production, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.5 million barrels to 10.7 million barrels per day from 11 million bpd in the previous week.

Shanghai base metals were mostly higher in overnight trading. Copper increased 1.36%, aluminium added 0.21%, zinc advanced 0.31% and nickel strengthened 0.67%, while lead fell 1.05% and tin shed 1.03%.

Nonferrous metals on the LME, except for copper, moved lower on Wednesday. Aluminium edged 0.06% lower, zinc fell 1.1%, lead shed 0.18%, nickel fell 0.63% and tin declined 1.02%, while copper strengthened 0.47%.

The latest iteration of the US Labor Department report on weekly jobless claims will be released today.

The weekly figures provide Wall Street with critical insight on how many Americans continue to collect unemployment benefits, known as continuing claims.

Last week, the US government said initial jobless claims rose by 1.18 million during the week ended August 1. That marked the 20th straight week in which initial claims remained above 1 million.

Other key economic data slated for release today include German consumer price index (CPI) for July, and US import price index for July.