Macro Roundup (Apr 7)

SHANGHAI, Apr 7 - This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar slipped against some major currencies in thin trading Thursday, as investors consolidated positions and pondered how pivotal U.S. jobs data coming out on a stock trading holiday might impact Federal Reserve policy and unleash a potentially volatile market reaction.

The U.S. stock market is closed on Good Friday and some European countries are shut on Monday as well.

Thursday’s U.S. initial jobless claims report added fuel to the slowing-economy mantra. The closely watched U.S. non-farm payrolls report on Friday, when many markets around the world are closed, will follow disappointing manufacturing and services sector data from the Institute for Supply Management (ISM) and private employment figures on Wednesday.

Tech stocks lifted the S&P 500 into the green Thursday as the market wrapped up the short trading week on a high note despite signs of a weakening labour market.

The S&P 500 rose 0.36% to 4,105.02 after losing as much as 0.50% earlier. The tech-heavy Nasdaq Composite outperformed with a 0.76% gain to 12,087.96. The Dow Jones Industrial Average inched 2.57 points higher to 33,485.29 after losing more than 150 points at its session low.

The S&P 500 still lost 0.1% on the week, posting its first losing week in four. The tech-heavy Nasdaq fell 1.1% this week, while the 30-stock Dow rose 0.6%.

The market remained volatile as the latest weekly jobless claims came in higher than expected, adding to recent signals that pointed to slowing job growth.

Thursday capped off a shortened trading week with the market closed for Good Friday. Investors will still closely monitor March jobs report Friday morning. Nonfarm payrolls have been showing solid growth despite layoffs across tech and financial sectors, but many believe the trend is poised to reverse soon.

Oil prices were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.

Brent crude settled down 13 cents, or 0.2%, at $84.86 a barrel. West Texas Intermediate U.S. crude closed 14 cents, or 0.2%, lower at $80.47. There will be no trading on the Good Friday holiday.

Gold prices pared some gains on Thursday ahead of a key U.S. jobs report, but bullion was still on track for a weekly rise as weak U.S. economic data spurred worries of a slowdown.

Spot gold was down 0.7% to $2,006.45 per ounce, while U.S. gold futures for June delivery settled 0.7% lower at $2,022.

European stock markets closed higher on Thursday ahead of the four-day Easter weekend.

The benchmark Stoxx 600 index provisionally closed up 0.5% as it shook off some of the pessimism that has taken it to three straight sessions of marginal losses. It is up 0.25% this week, according to Eikon data.