Macro Roundup (Oct 27)_SMM | Shanghai Nonferrous Metals

SHANGHAI, Oct 27 —This is a roundup of global macroeconomic news last night and what to expect today.

The euro rose back above parity against the dollar for the first time in a month on Wednesday after weak US economic data fueled speculation that the Federal Reserve will slow its interest rate hikes, sending the greenback tumbling.

The European common currency rose as high as $1.0048, the highest since Sept. 20, and was last up 0.5% at $1.0019.

Sterling rose 0.79% to $1.1563, its highest since September 14, extending a 1.6% gain the previous day as markets got help from Rishi Sunak becoming Britain’s prime minister, and the dollar also fell against the Japanese yen , fell 0.83% to 146.715.

At 10:35 am EDT (1435 GMT), the dollar was down 0.595% at 110.28 against a basket of six peer currencies.

The dollar’s softening came as the benchmark 10-year US Treasury yield continued its decline from last week’s multi-year high of 4.338%, and was last down four basis points at 4.069%.

Fed officials began to express their desire to slow the pace of hikes as soon as possible, according to a Wall Street Journal report on Friday that caused markets to reprice.

Stock futures rose in overnight trading on Wednesday as investors seemed to shrug off the disappointing results from Meta Platforms.

Shares of Facebook’s parent company fell 18% in extended trading on weak fourth-quarter forecasts. Shares of ServiceNow, meanwhile, rose more than 10% after a beat.

Futures tied to the Nasdaq 100 traded 0.13% higher, while S&P 500 futures gained 0.21%. Futures tied to the Dow Jones Industrial Average rose 112 points, or 0.35%.

Stocks were mixed in Wednesday’s regular trading session as traders digested disappointing quarterly reports from Alphabet and Microsoft, and assessed what it meant for future Federal rate hikes. Reserves and economic growth.

Both the Nasdaq Composite and S&P 500 had their three-day winning streak snapped, closing 2.04% and 0.74% lower, respectively. The Dow Jones Industrial Average rose slightly, gaining 2.37 points to 31,839.11 and ending its fourth straight positive session since September.

Oil prices rose nearly 3% on Wednesday, boosted by record US crude exports and as the country’s refiners operated at higher-than-usual levels for this time of year.

Dollar weakness has added support, as the greenback’s strength of late has been a notable factor holding back gains in the oil market.

Brent crude futures were up $2.17, or 2.3%, at $95.69 a barrel. US West Texas Intermediate (WTI) crude was up $2.59, or 3%, at $87.91.

gold prices rose to a two-week high on Wednesday as the dollar and US bond yields slipped on expectations that the Federal Reserve will slow its aggressive rate-hike stance starting in December.

Spot gold rose 0.8% to $1,665.09 an ounce after hitting its highest since Oct. 13.

US gold futures settled 0.7% at $1,669.20.

The pan-European Stoxx 600 ended up 0.7%, bouncing either side of the flatline throughout the trading session. Mining stocks jumped 2.8% to lead the gains, while food and beverage stocks fell 0.6%.

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