• 11/08/2022 7:49 pm

SHANGHAI, Aug 21 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

Weekly US jobless claims on Thursday once again surged over 1 million, which helped the dollar solidify gains it made on Wednesday after less dovish-than-expected minutes from last month’s US Federal Reserve policy meeting lifted the greenback off a two-year low.

The dollar index, which measures the greenback against a basket of leading currencies, has climbed about 1% from the two-year low of 92.124 hit on Tuesday.

The Labor Department reported on Thursday that the number of Americans filing a new claim for unemployment benefits rose unexpectedly to 1.106 million for the week ended Aug 15, from the 971,000 the week before. The previous week’s level had marked the first time since March that new claims had registered below 1 million.

Gold recovered on Thursday from a side of more than 3% in the last session, after US jobless claims unexpectedly topped one million again and the Federal Reserve minutes reiterated concerns over economic recovery.

Spot gold rose 0.6% to $1,940.14 per ounce. US gold futures settled down 1.2% to $1,946.50.

Minutes from the US central bank’s last policy meeting showed policymakers were concerned the economy faced a highly uncertain path and more monetary support may be needed, although they downplayed the need for yield caps and targets.

Central banks have rolled out massive stimulus and cut interest rates to near zero to combat the economic toll from the new coronavirus crisis, prompting over 27% gains for the year in gold, considered a hedge against inflation and currency debasement.

On Wall Street, stocks closed higher on Thursday. Earlier this week, the S&P 500 broke above its late-February high and notched a fresh all-time high. The Nasdaq Composite also hit a record on Thursday. The S&P 500 ended Thursday’s session up 0.4% for the week while the Nasdaq was up over 2% week to date. The Dow Jones Industrial Average rose 0.17% to end at 27,739.73 on Thursday.

Oil fell nearly 1% on Thursday as some OPEC+ members would need to cut output by an extra 2.31 million barrels per day (bpd) to make up for recent oversupply, and the number of US unemployment benefit claims rose unexpectedly, signalling a slow economic recovery.

Brent crude fell $1.24, or 2.7%, to $44.13 a barrel, and West Texas Intermediate crude settled 35 cents, or 0.82%, lower at $42.58 per barrel.

A firmer US dollar, which makes oil more expensive for holders of other currencies, also put pressure on prices, leaving them stuck in a narrow trading range.

The US Energy Information Administration said on Wednesday US fuel demand fell by more than 2 million bpd to 17.2 million bpd in terms of product supplied.

Overall fuel demand in the last four weeks is down 14% from year-ago levels. As the summer driving season comes to a close, fuel demand tends to decline.

Shanghai base metals, except for aluminium, traded lower in overnight trading. Copper and zinc weakened 0.82%, lead fell 0.65%, nickel slipped 0.97% and tin slid 0.63%, while aluminium firmed 0.82%.

On the LME, nonferrous metals fell across the board on Thursday. Copper declined 1.15%, aluminium weakened 0.5%, zinc fell 0.54%, lead slid 0.8%, nickel slipped 0.14% and tin shed 0.31%.

Initial August Markit manufacturing purchasing managers’ indexes (PMI) for Germany, eurozone and the US, US existing home sales for July and initial August consumer confidence index for the eurozone are due for release today.

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