Macro Roundup (Apr 15)

SHANGHAI, Apr 15 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

Sterling hit a one-week high against the dollar on Wednesday, supported by the speed of Britain’s vaccine rollout and recovering from a dip the previous day that was triggered by the resignation of the Bank of England’s chief economist.

The pound on Tuesday hit a six-week low against the euro and extended losses against the dollar after the announcement of Andrew Haldane’s resignation.

Haldane was seen as one of the more hawkish figures at the central bank, and was the most upbeat member of the BoE’s Monetary Policy Committee on the prospect of a sharp economic recovery from the COVID-19 pandemic. In February, he likened inflation to a tiger that could easily be roused.

Futures contracts tied to the major U.S. stock indexes ticked higher at the start of the overnight session Wednesday evening after the S&P 500 retreated from record levels during the regular session.

Contracts tied to the Dow added 50 points, while those pegged to the S&P 500 rose about 0.2%. Nasdaq 100 futures advanced a similar 0.2%.

Oil prices surged more than 4% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand for crude.

Brent crude futures rose $2.91, or 4.57%, to settle at $66.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures settled $2.97, or 4.94%, higher at $63.15 per barrel.

U.S. crude inventories fell by 5.9 million barrels last week, the Energy Information Administration said, exceeding analysts’ forecasts for a 2.9 million-barrel drop. East Coast crude stocks hit a record low.

Gasoline supplied in latest week, indicating the U.S. consumption of the fuel, rose to 8.9 million barrels per day, the highest since August, the EIA report showed.

Gasoline stocks edged higher by 309,000 barrels, less than expectations for a 786,000-barrel rise. Distillate stockpiles fell by 2.1 million barrels in the week, versus expectations for a 971,000-barrel rise.

Gold fell on Wednesday as an uptick in U.S. Treasury yields weighed on the non-yielding bullion’s appeal, eclipsing support from a softer dollar.

Spot gold fell 0.5% to $1,736.02 per ounce by 2:20 p.m EDT (1820 GMT). U.S. gold futures settled down 0.6% at $1,736.30.

Investors were tracking the latest vaccine developments Wednesday. U.S. health authorities on Tuesday recommended pausing the distribution of Johnson & Johnson’s Covid-19 vaccine after six women under the age of 50 developed rare blood clots after getting the inoculation. Johnson & Johnson announced that it would delay the vaccine’s rollout in Europe, while South Africa also suspended its use.

Meanwhile, the European Commission announced a new deal with Pfizer and BioNTech to deliver 50 million additional doses of their shot in the second quarter. The extra vaccines were initially set to be delivered in the fourth quarter.

Euro zone industrial fell 1% in February from the previous month, according to Eurostat figures published Wednesday.