Macro Roundup (Jun 2)

SHANGHAI, Jun 2 —This is a roundup of global macroeconomic news last night and what is expected today.

The euro edged further away from a monthly high on Wednesday and the U.S. dollar nudged higher, lifted by higher Treasury yields as global inflation worries flared anew.

The dollar index, which measures the currency against six major peers, including the euro, rose 0.2% to 101.96, extending Tuesday’s gains, when data showed euro zone consumer inflation soaring to a record.

The euro was down 0.2% against the greenback, continuing to edge back from a one-month high of $1.0787, reached on Monday, when national inflation readings from the euro zone indicated a high print for the bloc.

The dollar index swooned to a one-month low of 101.29 on Monday after pulling back from a nearly two-decade high above 105 in mid-May, as U.S. inflation and other economic indicators showed signs of peaking amid the Federal Reserve’s aggressive policy tightening.

A two-day boost has seen the index trading back towards 102.00.

U.S. stock futures were slightly lower Wednesday night as economic concerns dragged down investor sentiment.

Futures tied to the Dow Jones Industrial Average edged lower by 74 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures were also dopped 0.2% each.

In regular trading, stocks started June with declines amid choppy trading. The Dow shed 176.89 points, or 0.5%. The S&P 500 fell nearly 0.8%, and the Nasdaq Composite retreated 0.7%.

Oil prices rose on Wednesday after European Union leaders agreed to a phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai, which could bolster demand in an already tight market.

Oil benchmarks have marched steadily higher for several weeks as Russian shipments are squeezed by EU and U.S. sanctions and as India and China can only buy so much from Russia, the world’s largest exporter of crude and fuel.

Brent crude settled at $116.29 a barrel, a gain of 69 cents, or 0.6%, while U.S. West Texas Intermediate crude gained 59 cents, or 0.5%, to $115.26.

Gold prices rose from a two-week low on Wednesday as investors looked toward the safe-haven metal amid worries over an increase in inflation primarily due to rising fuel prices, although a stronger dollar and higher U.S. yields kept gains in check.

Spot gold rose 0.6% to $1,847.39 per ounce by 1:50 p.m. ET (1750 GMT), having hit its lowest since May 19 at $1,827.80 earlier in the session. U.S. gold futures settled 0.02% higher at $1,848.7.

The pan-European Stoxx 600 index closed just over 1% down at the end of the trading day, having fluctuated since the open. Autos added 1.3% while utilities fell 1.27%.