Macro Roundup (Feb 9)

SHANGHAI, Feb 9 (SMM) —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar strengthened and the euro weakened in sideways trade on Tuesday after European Central Bank President Christine Lagarde strived to keep expectations of rising interest rate hikes at bay that has sent bond markets into a tizzy.

A hawkish tone from both the ECB and the U.S. Federal Reserve last week surprised markets and sent yields on euro zone and U.S. debt spiking higher.

The currency market has broadly traded little changed as traders and investors wait for U.S. consumer price data on Thursday.

The dollar index rose 0.217%, with the euro down 0.23% to $1.1416.

U.S. stock futures rose slightly in overnight trading on Tuesday as investors prepare for another round of corporate earnings.

Dow futures rose about 70 points. S&P 500 futures gained 0.25% and Nasdaq 100 futures rose 0.27%.

Chipotle rose more than 7% in after-hours trading on the back of its strong earnings, while Lyft ticked lower after announcing it had fewer active riders than in the prior quarter.

On Tuesday, the Dow Jones Industrial Average added more than 370 points, helped by a 7.8% pop in Amgen on the back of its strong earnings report. The S&P 500 also registered a gain, climbing 0.8%. The technology-focused Nasdaq Composite rose 1.3%.

Oil prices eased on Tuesday ahead of the resumption of indirect talks between the United States and Iran which may revive a nuclear deal that could lead to the removal of sanctions on Iranian oil sales, increasing global supplies.

Brent crude was last down $1.78, or 1.9%, at $90.91 per barrel, after hitting a seven-year high of $94 on Monday. U.S. West Texas Intermediate crude was down $1.72, or 1.9%, at $89.60 per barrel.

Both oil contracts have touched recent seven-year tops, supported by strong global demand, ongoing tensions in Eastern Europe and potential supply disruptions due to cold U.S. weather conditions.

Gold prices advanced to a near two-week high on Tuesday, buoyed by mounting inflation concerns and Russia-Ukraine tensions, although expectations for a U.S. interest rate hike limited gains.

Spot gold rose 0.4% to $1,827.86 per ounce by 1:49 p.m. ET, after hitting its highest since Jan. 26 at $1,828.12 earlier in the session. U.S. gold futures settled up 0.3% at $1,827.90 per ounce, ahead of the U.S. inflation data due on Thursday.

The pan-European Stoxx 600 index was flat, with tech stocks sliding 0.9% while basic resources added 2.2%.

Ocado shares plunged nearly 13% after an earnings announcement that disappointed investors.

Traders are awaiting key inflation set to be released by the U.S. Labor Department on Thursday.