Macro Roundup (Sep 2)

SHANGHAI, Sep 2 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar fell against a basket of major currencies on Wednesday after a report on the U.S. labor market missed expectations by a wide margin, while the euro climbed to a one-month high on inflation worries.

The greenback fell after the ADP National Employment Report showed private payrolls rose by 374,000 in August, up from 326,000 in July but well short of the 613,000 forecast. A report on weekly initial jobless claims arrives on

Thursday and on Friday the government releases the payrolls report for August, which could provide clues about the Federal Reserve’s policy path.

U.S. stock futures were little changed on Wednesday night after the S&P 500 finished the first trading session of the month near the flatline.

Dow Jones Industrial Average futures rose 5 points, or 0.01%. S&P 500 and Nasdaq 100 futures edged 0.03% and 0.04% higher, respectively.

Shares of ChargePoint, the maker of charge systems for electric vehicles, jumped more than 13% in extended trading after reporting stellar quarterly earnings. Pet retailer Chewy and the youth-focused retailer Five Below saw shares tumble 10% and 9%, respectively, after reporting quarterly results.

Oil prices steadied on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.

Brent crude fell 4 cents to settle at $71.59 a barrel. U.S. West Texas Intermediate (WTI) crude rose 9 cents to settle at $68.59 a barrel.

Brent had plumbed a session low of $70.42 a barrel, while WTI fell as low as $67.12 a barrel.

Gold traded within a narrow range on Wednesday, as investors largely looked past a slew of U.S. economic readings to focus on key labour data that could influence the Federal Reserve’s tapering plans.

Spot gold was down 0.1% at $1,812.55 per ounce by 1:50 pm EDT, while U.S. gold futures settled down 0.1% at $1,816 an ounce.

Bullion largely tracked moves in the dollar, which retreated after the ADP National Employment Report showed U.S. private employers hired far fewer workers than expected in August, but subsequently pared some of those losses on data showing an uptick in manufacturing.

European stocks closed higher on Wednesday as investors shrugged off hotter-than-expected euro zone inflation data.

The pan-European Stoxx 600 ended Wednesday’s session up by 0.5% provisionally, with retail shares jumping 1.9% to lead gains while basic resources slid 0.6%.