SHANGHAI, May 16 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar slipped on Friday as a rally in equities contributed to a risk-on mood, but was still set for a sixth straight week of gains as investors remained concerned about slowing global growth and Federal Reserve policy tilting the United States into a recession.

High inflation and the Fed’s rate hike path have fueled worries of a policy error that could cause recession or a stagflation scenario of slowing growth and high prices. Readings this week showed some signs that inflation was beginning to ebb, although at a slow pace.

The dollar showed little reaction on Friday to data showing U.S. import prices were unexpectedly flat in April as a decline in petroleum costs offset gains in food and other products, a further sign that inflation has probably peaked.

Other data from the University of Michigan showed its preliminary reading of consumer sentiment for early May deteriorated to its lowest level since August 2011 as concerns about inflation persisted.

Stock futures were higher Sunday evening after a week of steep losses that ended on a high note, and ahead of a big earnings week for retailers.

Futures tied to the Dow Jones Industrial Average rose 89 points, or 0.3%, while S&P 500 futures added 0.4%. Nasdaq 100 futures jumped 0.6%.

On Friday, the Dow rose 466.36 points, or 1.47%, while the S&P 500 climbed 2.39%. The Nasdaq Composite jumped 3.82% and posted its strongest one-day gain since November 2020. Still, all three averages posted losing weeks.

The gains came as investors went into relief rally mode to cap off a bad week for stocks in which the S&P 500 nearly descended into bear market territory.

Oil prices rose about 4% on Friday as U.S. gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil.

Brent futures rose $4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose $4.36, or 4.1%, to settle at $110.49.

That was the highest close for WTI since March 25 and its third straight weekly rise. Brent fell for the first time in three weeks.

U.S. gasoline futures soared to an all-time high after stockpiles fell last week for a sixth straight week. That boosted the gasoline crack spread - a measure of refining profit margins - to its highest since it hit a record in April 2020 when WTI finished in negative territory.

Gold fell more than 1% on Friday and is set for its fourth straight weekly decline, as the dollar’s strong run with more aggressive U.S. interest rates on the horizon sapped appetite for bullion.

Spot gold fell 0.7% to $1,808.89 per ounce by 01:54 p.m. EDT (1754 GMT), after hitting its lowest since Feb. 4 at $1,798.86. It has declined nearly 4% this week.

U.S. gold futures settled down 0.9% at $1,808.20.

The pan-European Stoxx 600 added 2%, with travel and leisure stocks jumping 4.7% to lead gains as all sectors and major bourses finished in positive territory.

European markets fell on Thursday as investors remained concerned about slowing growth, interest rate hikes and red-hot April inflation data from the United States, which sparked concerns that a path of aggressive interest rate hiking lies ahead.