• 11/08/2022 8:04 pm

SHANGHAI, Aug 12 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

Base metals were mostly higher on Tuesday, while precious metals crashed.

Gold sank as much as 5.3% on Tuesday, facing its worst one-day rout in seven years, as a return of risk appetite following encouraging economic numbers and hopes of new coronavirus relief package boosted the S&P 500 to near record highs.

Spot gold tumbled 5.2% to $1,921.50 per ounce, retreating sharply from Friday’s record high of $2,072.50 and was set for its worst day since June 2013. US gold futures settled down 4.6% at $1,946.30.

The dollar fell from one-week highs and the euro topped $1.18 on Tuesday as investors flocked to currencies that benefit from an improving global market outlook, with the S&P 500 nearing a record high and investor sentiment in Germany rising more than expected.

“Europe’s political and economic situation in terms of dealing with the pandemic has become far more stable than that of the United States,” said Juan Perez, senior currency trader at Tempus Inc. in Washington. “No matter how gradual the recovery may seem in the U.S. and even though the economic indicators may be positive, the reality is that the United States has not handled COVID well and the economic shutdown has created an uncertainty difficult to move away from,” he added.

The greenback has held a floor, despite losses, amid U.S.-China tensions and a stalemate between Congress and the Trump administration over fiscal stimulus.

On Wall Street, a return of risk appetite following encouraging economic numbers and hopes of new coronavirus relief package and even a vaccine boosted the 500-stock index for much of the trading day on Tuesday.  However, the S&P 500 ended the day down 0.8% — snapping a seven-day winning streak — as technology stocks dropped.

The Dow Jones Industrial Average dipped more than 100 points but at one point traded above 28,000 for the first time since February. Stocks that benefit from the reopening of the economy and a Covid-19 vaccine capped the average’s losses.

The Nasdaq Composite was the underperformer, losing 1.7% as investors rotated out of technology stocks. Netflix, Microsoft, Amazon, Facebook, Alphabet and Apple all closed lower.

Crude oil prices turned negative on Tuesday, despite expectations of U.S. economic stimulus to support the world’s biggest oil consumer as well as a rebound in Asian demand as economies reopen.

West Texas Intermediate crude settled 33 cents, or 0.79%, lower at $41.61 per barrel, after earlier rising more than 2%. International benchmark Brent crude fell 37 cents, or 0.82%, to trade at $44.64 per barrel.

Shanghai base metals settled mixed in overnight trading. Zinc jumped 1.22%, lead rose 0.43% and nickel edged 0.04% up, while copper shed 0.35%, aluminium fell 0.31% and tin sank 1.52%.

On the LME, nonferrous metals, except for tin, cruised higher on Tuesday. Copper and aluminium inched up, zinc rose nearly 1.5%, lead jumped nearly 2.6% and nickel advanced nearly 0.8%.

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