SHANGHAI, Mar 31 - This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar fell to a 1-week low against the euro on Thursday as German inflation data helped lift the common currency and as concerns over the banking sector receded.
Inflation eased significantly in Germany in March on the back of lower energy prices but was above forecasts, adding pressure on the European Central Bank to further tighten its monetary policy.
The European Central Bank, which has made it clear future rate hikes will depend on economic data, has increased its key deposit rate by 350 basis points to 3% since July as it seeks to tame surging inflation.
Data on Thursday showed the number of Americans filing new claims for unemployment benefits rose moderately last week, showing no signs yet that tightening credit conditions were having a material impact on the U.S. labour market, which remains tight.
U.S. stock futures were flat on Thursday night.
Dow Jones Industrial Average futures added 14 points, or 0.04%. S&P 500 futures rose 0.09%, while Nasdaq 100 futures gained 0.05%.
The Dow gained more than 141 points or 0.43% during regular trading Thursday. The S&P 500 rose 0.57%, and the tech-heavy Nasdaq gained 0.73%. The three major averages are also on pace for a positive week.
Thursday’s gains come after the number of weekly jobless claims reached 198,000, up 7,000 from the prior week. The cooldown in the labor market added to Wall Street’s optimism that the Fed will soon bring an end to its rate hike cycle.
Oil prices rose on Thursday, supported by lower U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies.
Brent crude futures rose 99 cents, or 1.3%, to $79.27 a barrel. West Texas Intermediate crude rose $1.41 cents, or 1.9%, to $74.38.
Gold prices gained on Thursday as a weaker dollar and lower bond yields drove demand for the precious metal, while investors kept their eyes peeled for U.S. inflation data to gauge the Federal Reserve’s next move.
Spot gold was up 0.9% at $1,981.14 per ounce, having touched its highest since March 24 at $1,984.19 earlier. U.S. gold futures settled up 0.7% at $1,999.
European stock markets closed higher Thursday, continuing positive momentum from the previous three sessions as concerns over the banking sector ease.
The pan-European Stoxx 600 index closed 1% higher, with most sectors in the green. Retail stocks led the pack, up 3.7%, as H&M shares climbed more than 16% after the company reported a surprise first-quarter profit.
