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Macro Roundup (Aug 26)
Aug 26,2021 09:10CST
Source:SMM
The dollar ticked lower on Wednesday as oil prices rose after a big two-day advance and investors awaited clues on the tapering of economic support by the Federal Reserve at this week’s Jackson Hole symposium.

SHANGHAI, Aug 26 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar ticked lower on Wednesday as oil prices rose after a big two-day advance and investors awaited clues on the tapering of economic support by the Federal Reserve at this week’s Jackson Hole symposium.
Risk appetite in global markets improved after the U.S. Food and Drug Administration fully approved the Covid-19 vaccine developed by Pfizer and BioNTech in a move that could accelerate U.S. inoculations.
Dr. Anthony Fauci, the top U.S. infectious disease expert, said on Tuesday that the United States could get Covid-19 under control by early next year.
But the focus has turned to the Jackson Hole symposium and what Fed Chair Jerome Powell may say about tapering the U.S. central bank’s bond-buying program when he speaks on Friday.
The markets expect Powell to sound dovish and echo concerns last week by Robert Kaplan, the Dallas Fed president, who said he might reconsider the start to tapering due to the delta variant of the coronavirus, said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.

U.S. stock futures were steady in overnight trading on Wednesday following the S&P 500′s rally that saw the index cross the 4,500 level for the first time ever.
Dow futures rose 25 points. S&P 500 futures gained 0.03% and Nasdaq 100 futures were flat.
Shares of software giant Salesforce rose 2% in extended trading after reporting fiscal second-quarter earnings and forward guidance that exceeded analysts’ estimates. Ulta Beauty also rose 6% in after hours trading on strong results.

Oil prices rose about 1% on Wednesday, extending gains for a third session, after U.S. government data showed that fuel demand climbed to its highest since the start of the COVID-19 pandemic.
Brent crude settled $1.20, or 1.7%, higher at $72.25 per barrel. U.S. West Texas Intermediate (WTI) crude advanced 82 cents, or 1.2%, to $68.36 per barrel.

Gold retreated on Wednesday, sliding further below the $1,800 level as the dollar ticked higher and investors hoped for a timeline for the tapering of economic support from the U.S. Federal Reserve at this week’s Jackson Hole symposium.
Spot gold slipped 0.8% to $1,788.90 per ounce by 1:46 pm ET, while U.S. gold futures settled down 1% at $1,791 an ounce.
The pan-European Stoxx 600 provisionally ended the session little changed, with travel and leisure stocks adding 1.8% to lead gains while utilities slid 0.8%.
Shares in Asia-Pacific were similarly subdued in Wednesday’s trading session. On Wall Street, U.S. stocks were marginally higher after the S&P 500 and Nasdaq Composite notched record highs on Tuesday.

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