SHANGHAI, Jan 5 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar extended gains against Japan’s yen on Tuesday, hitting new five-year highs as investors bet that the fast-spreading Omicron coronavirus variant would have limited economic impact and that the Federal Reserve would hike rates.

In the second trading day of 2022, global markets extended the upbeat moves seen on Monday.

The dollar’s gains were helped by a rise in U.S. treasury yields, with the U.S. 10-year yield hitting a six-week high.

At 1158 GMT, the dollar index was up 0.2% at 96.398, its highest in 13 days.

Stock futures were flat in overnight trading Tuesday after the Dow Jones Industrial Average notched a record close as investors flocked to shares that stand to benefit from an economic recovery.

Futures on the blue-chip Dow dipped 15 points. S&P 500 futures were little changed and Nasdaq 100 futures edged 0.1% lower.

An influential group of some of the world’s largest oil producers agreed on Tuesday to stick to its planned increase in oil production from February as energy investors weigh the potential impact of soaring omicron Covid cases.

OPEC and its non-OPEC allies, known collectively as OPEC+, decided to raise its output target by 400,000 barrels per day from next month. The move had been broadly expected given U.S. pressure to boost supply and no major new Covid restrictions.

Gold prices rose on Tuesday as demand for the safe-haven metal was boosted by worries over a surge in COVID-19 cases of the Omicron variant that could threaten global economic recovery.

Spot gold was last up 0.8% at 1,814.45 per ounce by 13:54 ET (1854 GMT). U.S. gold futures settled up 0.8% at $1,814.60.

European stocks hit a record high on Tuesday as the new year momentum continued in global markets.

The pan-European Stoxx 600 index closed 0.8% higher, having earlier reached an intraday record of 495.41. Most sectors and major bourses were in positive territory.