SHANGHAI, Nov 2 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar eased versus its main rivals on Monday, after posting its biggest daily rise in more than four months in the previous session as hedge funds cut back bearish bets ahead of this week’s highly-anticipated U.S. Federal Reserve policy meeting.

Monetary policy in the United States, Australia and the United Kingdom is in focus, with the Federal Reserve widely expected to announce a tapering of stimulus, a factor that has fueled the greenback’s rise in recent weeks.

Quickening inflation data has prompted some investment banks such as Goldman Sachs to advance their expectations of a rate hike by the Fed as early as July 2022, compared with the third quarter of 2023 previously.

The dollar index, which measures the U.S. currency against six rivals, was down 0.098% at 94.104, hovering close to Friday’s peak of 94.302, its highest since Oct. 13.

Stock futures were flat in overnight trading after the S&P 500 eked out a fresh record close Monday to kick off November.

Futures on the Dow Jones Industrial Average shed 5 points. S&P 500 futures were near the flatline and Nasdaq 100 futures were little changed.

All three major U.S. stock indexes hit new intraday highs and closed at records during Monday’s regular session.

The Dow rose 94.3 points, helped by gains in Boeing and Dow Inc. The S&P 500 rose nearly 0.2%. The Nasdaq Composite added 0.6%. The small-cap Russell 2000 gained 2.7%, its best daily performance since August.

Eight out of 11 S&P 500 sectors finished the session higher, led by energy.

Oil prices rose sharply on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by China, the world’s biggest energy consumer.

Brent crude futures advanced 99 cents, or 1.2%, to end the day at $84.71 per barrel, after hitting a session low of $83.03.

U.S. West Texas Intermediate (WTI) crude futures settled 48 cents, or 0.57%, higher at $84.05 per barrel

Gold prices rose on Monday as the dollar eased and equities pared gains, with the focus now on the U.S. Federal Reserve timetable for a rollback in stimulus measures at a key meeting this week.

Spot gold was up 0.6% at $1,793.48 per ounce at 01:42 p.m. EDT (1742 GMT). U.S. gold futures for December delivery settled up 0.7% to $1,795.80.

European stocks kicked off November on a positive note Monday with investors reacting to corporate news and looking ahead to key central bank meetings.

The pan-European Stoxx 600 index closed up 0.7%, with all sectors finishing in positive territory.