Macro Roundup (Dec 24)

SHANGHAI, Dec 24 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar edged higher against a basket of currencies on Thursday, but its gains were capped as easing fears of fallout from the Omicron coronavirus variant supported higher risk currencies such as the Australian dollar and British pound.

Ahead of the holidays and extended long weekend in the United States, most major currency pairs clung to narrow ranges.

The major averages rose for a third day on Thursday as investors looked past earlier jitters about the spread of the omicron Covid variant.

The Dow Jones Industrial Average added 196.67 points, or 0.55%, to 35,950.56. The S&P 500 rose 0.62% to 4,725.79 and closed at a record. The 500-stock average sits less than 0.4% from its intraday record high. The Nasdaq Composite gained 0.85% to 15,653.37.

Oil prices were broadly stable on Thursday as signs that the worst effects of the Omicron variant might be more containable than previously feared were countered by new COVID-19 restrictions amid surging infections.
Brent crude futures advanced 2.07%, or $1.56, to $76.85 per barrel, after a 1.8% gain in the previous session. U.S. West Texas Intermediate (WTI) crude futures settled $1.03, or 1.4%, higher at $73.79 a barrel after jumping 2.3% in the previous session.

Gold prices hovered around the key $1,800-per-ounce level on Thursday ahead of the year-end holidays, even as the dollar steadied and appetite for riskier assets improved on easing fears over a fallout from the Omicron coronavirus variant.
Spot gold was up 0.1% to $1,805.29 per ounce by 1512 GMT, while U.S. gold futures rose 0.2% to $1,805.20 per ounce.

European stocks finished slightly higher Thursday as traders looked to signs that the coronavirus omicron variant is not as severe as previously feared.

The pan-European Stoxx 600 index closed up 1.0%, with travel and leisure climbing 1.7% to lead the gains amid optimism over Covid.