Macro Roundup (Aug 3)

SHANGHAI, Aug 3 —This is a roundup of global macroeconomic news last night and what is expected today.

The yen was up slightly against the dollar Tuesday, adding to recent gains as increasing tensions over U.S. House of Representatives Speaker Nancy Pelosi’s planned visit to Taiwan made investors more risk averse.

China’s offshore yuan fell against the dollar, touching its lowest level since mid-May.

The U.S. dollar index, which measures the greenback against six peers, also was higher, reversing recent losses. It was last up 0.67% at 106.17. The index has eased recently as investors began reassessing how aggressive the Federal Reserves may be with interest rate hikes in the future.

Major U.S. stock indexes were also lower in another sign of anti-risk sentiment, as Pelosi’s expected visit to Taiwan rattled investors.

Dow Jones Industrial Average futures were higher on Tuesday evening after the three major averages fell for a second consecutive day.

Futures tied to the Dow added 115 points, or 0.3%. S&P 500 futures gained 0.2% and Nasdaq 100 futures were flat.

Traders are also anticipating another batch of second quarter earnings.

Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

Brent futures rose 51 cents, or 0.5%, to settle at $100.54 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 53 cents, or 0.6%, to settle at $94.42.

Also giving oil prices a slight lift were analyst expectations that U.S. crude inventories declined by around 600,000 barrels last week.

Gold traded slightly lower on Tuesday as the U.S. dollar inched higher.

Spot gold traded 0.27% to $1,767.03 per ounce after hitting its highest since July 5 at $1,780.39 earlier in the session.

U.S. gold futures slipped 0.24%, trading at $1, 783.1.

The pan-European Stoxx 600 provisionally closed 0.2% lower, with financial services stocks shedding 1.7% to lead losses as most sectors and major bourses slid into negative territory.