SHANGHAI, Mar 29 - This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar fell against a basket of currencies for a second straight day on Tuesday as easing worries about a banking crisis revived investors’ appetite for riskier currencies.
The yen rallied despite traditionally also being a safe haven, with analysts pointing to a pickup in flows ahead of the end of Japan’s fiscal year on Friday.
The euro climbed to a five-day high against the greenback as euro zone government bond yields rose on Tuesday.
Investors took solace from First Citizens BancShares’ agreement to buy all of failed lender Silicon Valley Bank’s deposits and loans, and the fact that no further cracks have emerged in global banking in recent sessions.
U.S. stock futures ticked higher Tuesday night after the major averages declined on the back of higher bond yields.
Dow Jones Industrial Average futures rose by 41 points, or 0.13%. S&P 500 and Nasdaq 100 futures climbed 0.14% and 0.09%, respectively.
The Nasdaq Composite closed down 0.45% during the regular session on Tuesday, falling for a second straight day as rising yields weighed on tech stocks. The S&P 500 fell 0.16%, while the Dow Jones Industrial Average lost 37.83 points, or 0.12%.
Some investors worried that higher interest rates could tip the economy into a recession, even as Wall Street tried to move past this month’s regional banking crisis. The yield on the 2-year U.S. Treasury note rose back above 4%, weighing on interest-rate sensitive tech stocks.
Oil prices rose on Tuesday, extending sharp gains from the previous session on supply disruption risks from Iraqi Kurdistan and hopes that banking sector turmoil is contained.
Brent crude futures gained 62 cents, or 0.79%, to $78.74 a barrel. West Texas Intermediate U.S. crude was up $0.52, or 0.71%, at $73.31.
Gold prices rose on Tuesday, drawing support from a weaker U.S. dollar even as higher bond yields and easing worries about a full-blown banking crisis limited gains for the safe-haven asset.
Following two sessions of declines, spot gold gained 0.92% to $1,974.54 per ounce. U.S. gold futures settled 1.14% higher at $1,976.30.
European stock markets closed mixed Tuesday, with investors seemingly in a holding pattern after a serious bout of market volatility.
The pan-European Stoxx 600 index closed flat, with many sectors having pared the early morning’s strong gains.
