Macro Roundup (Oct 27)

SHANGHAI, Oct 27 (SMM) - This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar edged up on Tuesday in narrow-range trading as markets awaited news from upcoming central bank meetings that might spark volatility.

After a report showed that U.S. consumers were more confident about the economy than expected, the dollar index rose modestly and was up 0.1% at 93.9280 at 3:30 p.m. EDT.

The greenback mostly hovered around a point midway between its one-year high reached earlier this month and the one-month low touched early on Monday.

Analysts said the dollar might continue to hold steady pending a slew of central bank meetings and economic data that could shift views on interest rates, inflation and growth rates.

Yields on 10-year U.S. and German government securities also stayed in narrow ranges before the yield on the benchmark U.S. 10-year note slipped to 1.6185% in the afternoon in New York.

U.S. stock index futures were little changed during overnight trading on Tuesday after the Dow and S&P closed at record highs as earnings season continues.

Futures contracts tied to the Dow Jones Industrial Average and S&P 500 were flat. Nasdaq 100 futures declined 0.09%.

During regular trading the Dow advanced roughly 15 points to end the day at an all-time high. It was the 30-stock benchmark’s third straight day of gains and fifth positive session in the last six. Earlier in the session the Dow jumped about 150 points to also hit a record intraday high.

The S&P gained 0.18% for its ninth positive session in the last ten, and also hit both a record intraday and closing high. It was the benchmark index’s 70th intraday high of 2021, and 57th record closing of the year.

The Nasdaq Composite gained 0.06% for its third positive session in four. Facebook weighed on the tech-heavy index, with shares of the social media company dipping 3.9%.

Oil prices edged up to their highest since 2014 on Tuesday, supported by a global supply shortage and strong demand in the United States, the world’s biggest consumer.

The rally came ahead of U.S. inventory reports from the American Petroleum Institute (API), an industry group, on Tuesday and the U.S. Energy Information Administration on Wednesday.

Analysts expect the latest weekly U.S. oil inventory data to show a 1.9 million-barrel build in crude stocks.

Brent futures rose 41 cents, or 0.5%, to settle at $86.40 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 89 cents, or 1.1%, higher at $84.65.

Those were the highest closes for both global benchmarks since October 2014.

Gold prices fell as much as 1.5% on Tuesday, snapping a five-session long streak of gains, as the dollar firmed and strong company earnings bolstered appetite for riskier assets.

Spot gold was down 0.9% at $1,790.54 per ounce by 01:46 p.m. EDT. U.S. gold futures for December delivery settled down 0.7% to $1,793.40 per ounce.

Mainland Chinese stocks closed lower as the Shanghai composite slipped 0.34% to 3,597.64 while the Shenzhen component shedding 0.363% to 2,424.39. Hong Kong’s Hang Seng index shed 0.36% to close at 26,038.27.

Real estate stocks in Hong Kong declined in Tuesday trade amid fears that Beijing could tax property owners.

The pan-European Stoxx 600 closed up by 0.8%, with travel and leisure stocks jumping 1.9% to lead gains with most sectors and major bourses firmly in positive territory.