• 03/05/2022 1:48 am

SHANGHAI, Dec 29 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar edged higher in thin trading on Tuesday, helped by safe-haven flows as worries over the spread of COVID-19 sapped a multi-day rally in equity markets, and on expectations the Federal Reserve could raise interest rates as early as March.

The dollar index, which measures the currency against six major rivals, was up 0.177% at 96.223.

The S&P 500 opened at another record high, extending a four-day rally, but then pulled back, while the Nasdaq was in the red the entire session, as investors eyed Omicron-driven travel disruptions and store closures.

U.S. stock futures ticked higher Tuesday night following a mixed session as traders continued to assess the threat of the omicron Covid-19 variant.

Futures tied to the Dow Jones Industrial Average were up 38 points, or 0.1%. S&P 500 futures gained 0.2%, and Nasdaq 100 futures advanced 0.3%.

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week.

Brent crude settled 0.43% higher at $78.94 per barrel. U.S. West Texas Intermediate (WTI) crude advanced 0.54% to end the day at $75.98 per barrel.

Both contracts traded at their highest levels in a month, aided by strength in U.S. equities.

Gold scaled a one-month high on Tuesday as recent signs of rising inflation underpinned demand, although the metal gave up some early gains due to a firming U.S. dollar.

Spot gold was last up 0.1% at $1,811.77 per ounce by 12:37 p.m. EDT (1737 GMT), after hitting its highest since Nov. 22 at $1,820. U.S. gold futures rose 0.2% to $1,811.70.

European stocks rose Tuesday as holiday-thinned trade continues in the region.

The pan-European Stoxx 600 index gained 0.6%. In Germany, the Dax climbed 0.9%, and France’s CAC 40 gained 0.6%. Markets in the U.K. and Ireland remained closed due to Christmas festivities.

 

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