SHANGHAI, Feb 17 —This is a roundup of global macroeconomic news last night and what is expected today.
The dollar gained on Thursday after data showed U.S. producer prices for January came in higher than expected and jobless claims fell, suggesting that the Federal Reserve will have to keep monetary policy tight for some time to bring down inflation.
The U.S. producer price index bounced to 0.7%, higher than both consensus forecast of 0.4% and the December number, which showed a drop 0.2%.
U.S. jobless claims data also showed a resilient labor market, with claims of 194,000, compared with expectations of 200,000, according to a Reuters poll.
The dollar index was last up about 0.1% at 104.00. Meanwhile, the euro slipped 0.16% to $1.0672.
U.S. stock futures slipped on Thursday night after the major averages suffered declines amid concerns of stubbornly high inflation metrics.
Dow Jones Industrial Average futures fell by 46 points, or 0.1%. S&P 500 and Nasdaq 100 futures dipped by 0.2% and 0.4%, respectively.
During regular trading, the Dow shed 431.20 points, or 1.26%. The S&P 500 slid 1.38%, and the tech-heavy Nasdaq Composite dipped 1.78%.
These losses came after January’s producer price index, an inflation metric that tracks wholesale prices, rose 0.7% according to Thursday’s report. Economists surveyed by Dow Jones had anticipated a 0.4% increase. The Labor Department also reported an unexpected fall in initial jobless claims for the week ending Feb. 11.
Oil prices settled slightly lower on Thursday after trading in a narrow range as the market weighed mixed U.S. economic signals and prospects for a Chinese demand recovery with a build in U.S. crude stockpiles.
Brent crude futures settled at $85.14 a barrel, losing 24 cents. U.S. West Texas Intermediate crude (WTI) settled at $78.49 a barrel, shedding 10 cents.
Gold prices bounced off one-month lows on Thursday, as the dollar gave up most of its gains and as some investors seized the chance to pick up the bullion at relatively cheaper levels.
Spot gold firmed 0.4% to $1,842.67 per ounce by 2:45 p.m. ET. U.S. gold futures rose 0.4% to settle at $1,851.80.
European markets ended a choppy session slightly higher, as investors digested data suggesting continued strength in the U.S. economy.
The pan-European Stoxx 600 index closed up 0.2% on the day.
