Macro Roundup (Apr 8)

Published: Apr 08, 2021 09:08 (GMT+8)
The U.S. dollar edged higher against a basket of currencies in a choppy session on Wednesday, after minutes of the Federal Reserve’s March meeting showed the central bank committed to extending monetary policy support until an economic rebound in the United States was more secure.

SHANGHAI, Apr 8 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar edged higher against a basket of currencies in a choppy session on Wednesday, after minutes of the Federal Reserve’s March meeting showed the central bank committed to extending monetary policy support until an economic rebound in the United States was more secure.

Even as the U.S. economy gathered steam this year, Federal Reserve officials remained cautious about the continuing risks of the pandemic and committed to pouring on monetary policy support until a rebound was more secure, the minutes showed.

On Wall Street, futures contracts tied to the major U.S. stock indexes ticked higher at the start of the overnight session Wednesday evening, suggesting that Wall Street could extend gains that have propelled the S&P 500 to record levels this week.

Futures tied to the broad equity index rose about 0.25%, while Nasdaq 100 contracts added a similar 0.3%. Dow futures rose 37 points.

The moves in extended trading came after a late-day pop in the S&P 500 pushed it to 4,079.95, a new closing high. The Dow Jones Industrial Average rose 16 points, or 0.1%, during the regular session.

The tech-heavy Nasdaq Composite dipped 0.1% even as Big Tech stocks outperformed. Amazon, Apple and Alphabet all climbed more than 1%, while Facebook jumped 2.2%.

Global benchmark Brent crude inched higher on Wednesday on improving global economic outlook, but U.S. crude fell on rising gasoline inventories amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.

Brent crude futures rose 42 cents, or 0.67%, to $63.16 a barrel while U.S. West Texas Intermediate crude settled 44 cents, or 0.7%, higher at $59.77 per barrel.

U.S. crude stocks fell 3.5 million barrels last week, but gasoline inventories jumped 4 million barrels, the Energy Information Administration said.

Gold prices fell on Wednesday a day after hitting a more than one-week peak, as strong economic data from the United States bolstered hopes of a swift recovery dimming the precious metal’s appeal.

Spot gold fell 0.4% to $1,737.01 per ounce by 3:14 p.m. EDT (1914 GMT). U.S. gold futures settled 0.1% lower at $1,741.6.

On the data front, IHS Markit’s final euro zone composite purchasing manager’s index (PMI) on Wednesday showed business activity in the bloc bouncing back in March despite a reintroduction of restrictions in several countries.

The composite PMI, which combines manufacturing and services and is seen as a useful gauge of economic health, came in at 53.2, up from 48.8 in February and above the 52.5 flash estimate.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
Tanzania’s Imwelo selects processing route after gold recovery rises to 84.5%
Sep 25, 2026 16:02 (GMT+8)
Tanzania’s Imwelo selects processing route after gold recovery rises to 84.5%
Read More
Tanzania’s Imwelo selects processing route after gold recovery rises to 84.5%
Tanzania’s Imwelo selects processing route after gold recovery rises to 84.5%
[SMM Gold Flash] Lake Victoria Gold reported new metallurgical testwork for weathered ore at Area C of its fully permitted Imwelo Gold Project in Tanzania. Attrition scrubbing followed by desliming increased 24-hour gold extraction from 49.99% to 84.54% in agitated-leach testing. Bottle-roll recovery reached 88.15% after pretreatment, while gravity-recoverable gold also increased. The work was conducted by Nesch Mintech Tanzania in Mwanza. The company has identified attrition scrubbing and desliming as the preferred pretreatment route for further optimisation of the clay-rich near-surface material. Lake Victoria Gold says the results complement earlier work on deeper material, where recoveries of approximately 96–97% were reported. Importantly, the reported recoveries relate to tested pretreated fractions and do not yet represent overall whole-ore plant recovery; further mass-balance and optimisation work is planned.
Sep 25, 2026 16:02 (GMT+8)
Aurum drilling delivers 155 g/t gold hit at Côte d’Ivoire’s Boundiali
Sep 25, 2026 15:58 (GMT+8)
Aurum drilling delivers 155 g/t gold hit at Côte d’Ivoire’s Boundiali
Read More
Aurum drilling delivers 155 g/t gold hit at Côte d’Ivoire’s Boundiali
Aurum drilling delivers 155 g/t gold hit at Côte d’Ivoire’s Boundiali
[SMM Gold Flash] Aurum Resources reported new assay results from 22 diamond holes totalling 6,172.8 metres at the BST1 deposit at its Boundiali Gold Project in Côte d’Ivoire. The results include 2.63 metres at 76.74 g/t gold from 195.2 metres, including 1.3 metres at 155 g/t, together with 24 metres at 6.31 g/t from 108 metres, including 7 metres at 19.25 g/t. Several intersections extend beyond the existing BST1 resource envelope. The results will feed into Aurum’s planned Boundiali Mineral Resource update targeted for early Q4 2026. The company says mineralisation remains open along strike and at depth, while drilling continues across the project. The results are therefore an exploration and resource-growth development rather than additional production. Boundiali currently has a 3.22-million-ounce JORC Mineral Resource, while Aurum is advancing a definitive feasibility study.
Sep 25, 2026 15:58 (GMT+8)
Platinum Shows Stronger Inflation and Real-Rate Linkages Than Gold, Study Finds
Sep 25, 2026 15:52 (GMT+8)
Platinum Shows Stronger Inflation and Real-Rate Linkages Than Gold, Study Finds
Read More
Platinum Shows Stronger Inflation and Real-Rate Linkages Than Gold, Study Finds
Platinum Shows Stronger Inflation and Real-Rate Linkages Than Gold, Study Finds
[SMM Gold & PGM Flash] A new study published in the Journal of Commodity Markets finds that platinum has exhibited broader and more persistent co-movement with inflation and real interest rates than gold. Researchers Arusha Cooray and İbrahim Özmen examined monthly data from July 1999 through December 2024 across the US, Germany, Italy, France, Switzerland and the Netherlands, using turning-point analysis, wavelet coherence and time-varying Granger-causality methods. The study found gold’s macroeconomic relationships were comparatively weaker and more fragmented, while platinum and silver showed broader synchronization, particularly in the US and Germany.​ The researchers attribute platinum’s stronger macroeconomic sensitivity in part to its substantial industrial exposure, meaning its price reflects not only monetary conditions but also manufacturing activity, investment and supply constraints. The findings do not establish platinum as a universally superior inflation hedge: the relationships varied across countries, periods and monetary-policy regimes. Instead, the study highlights a fundamental difference between the metals, with gold’s broader monetary and defensive role producing a different response to inflation and real-rate conditions.
Sep 25, 2026 15:52 (GMT+8)