Macro Roundup (Mar 6)

SHANGHAI, Mar 6 —This is a roundup of global macroeconomic news last Friday night and what is expected today.

The U.S. dollar fell from a 2-month high against the yen on Friday and was on track for its largest weekly loss versus major peers since mid-January, as traders tried to gauge the path for Federal Reserve policy.

The dollar eased 0.4% to 136.14 yen, after climbing to 137.10 on Thursday, the highest since Dec. 20. For the week, the dollar is down 0.4% versus the yen, but any gain would preserve its win streak since mid-January.

The greenback briefly cut its losses after data showed the U.S. services sector grew at a steady pace in February, with new orders and employment rising to more than one-year highs. The Institute for Supply Management (ISM) said on Friday its non-manufacturing PMI dipped to 55.1 from a reading of 55.2 in January.

U.S. stock futures were little changed on Sunday night as Wall Street looked ahead to a week filled with economic data and the latest commentary from the Federal Reserve.

Dow Jones Industrial Average futures fell by 36 points, or 0.11%. S&P 500 and Nasdaq 100 futures dipped 0.11% and 0.15%, respectively.

Traders are coming off a positive week for the major averages. The Dow industrials added 1.75% last week, ending a four-week losing streak. The S&P 500 advanced 1.90%, while the Nasdaq capped the week with a 2.58% pop.

Stocks rose Friday as Treasury yields eased from their recent highs and investors weighed the cumulative impact from Fed hikes already implemented and digested this week’s comments from the central bank.

Oil prices rose by about 1% on Friday, recovering from an earlier slump after Reuters reported that the United Arab Emirates is not planning an exit from the Organization of Petroleum Exporting Countries (OPEC).

Brent crude futures were up 72 cents, or 0.9%, to $85.47 a barrel by 12:08 p.m. EST (1708 GMT). U.S. West Texas Intermediate (WTI) crude futures gained $1.04, or 1.3%, to $79.20.

Both benchmarks are now on track for a weekly gain, after strong Chinese economic data earlier in the week underpinned hopes for oil demand growth.

Gold prices climbed to their highest in nearly two weeks on Friday, and are on track for their biggest weekly rise since mid-January, on the back of a softer dollar as investors gauged the U.S. central bank's policy path.

Spot gold was up 0.6% at $1,847.25 per ounce, its highest level since Feb. 20. Prices have risen about 2% so far in the week. U.S. gold futures advanced 0.7% to $1,853.50.

European stock markets followed the global positive trend Friday, extending the previous session’s gains as investors take stock following the slew of economic data published this week.

The pan-European Stoxx 600 index was up 0.9% at market close, as auto stocks added 3.6% and mining stocks gained 2.2%. Oil and gas stocks were among the few sectors to post losses, down 0.4%.