Macro Roundup (Nov 22)

SHANGHAI, Nov 22 —This is a roundup of global macroeconomic news last night and what is expected today.

Stock futures are little changed Monday night as investors worry about the prospect of China reinstating pandemic restrictions.

Futures tied to the Dow Jones Industrial Average lost 6 points and was near the flatline. S&P 500 futures were flat while Nasdaq-100 futures added 0.1%.

It follows a volatile trading day that brought the major three indexes down. The Dow dropped 45.41 points, or 0.13%, to 33,700.28. Disney’s 6.3% gain following the return of Bob Iger as its CEO helped mitigate losses for the 30-stock index. Meanwhile the S&P 500 and Nasdaq Composite shed 0.39% and about 1.1%, respectively.

China saw its first deaths in the mainland from Covid since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.

Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.

Gold prices slipped to their lowest in over a week on Monday, falling over 1% as the dollar extended gains, while the market’s attention turned to the U.S. Federal Reserve’s November meeting minutes due this holiday-shortened week.

Spot gold fell 0.7% to $1,738.40 per ounce by 1:36 p.m. ET, after earlier hitting its lowest level since Nov. 10 at $1,731.40. U.S. gold futures settled down 0.8% to $1,739.6.

The dollar rose 0.9%, weighing on the yellow metal by making it expensive for overseas buyers.

The Fed’s November meeting minutes are due on Wednesday, with most traders betting on a 50-basis point hike in the December meeting, and some seeing 24.2% chance of a 75-bps hike following recent comments by Fed officials.

The pan-European Stoxx 600 provisionally closed flat on the previous session, with oil and gas stocks falling 2.6% to lead losses while food and beverage stocks gained 1.3%.