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Precious metals have a rocky start to the EU session

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(Kitco News) - Precious metals are starting the session on the back foot after some risk-off action overnight in Asia. Silver is trading 0.64% lower while gold (-0.44%) is also struggling. Stocks also struggled overnight as Japan's Nikkei 225 fell 0.70%, Australia's ASX dropped 0.29% and the Chinese Shanghai Composite moved -0.38% lower. Sentiment was dampened by the stimulus talks once again as President Trump took to Twitter to voice his frustration that the deal has not been done. He stated, "Just don’t see any way Nancy Pelosi and Cryin’ Chuck Schumer will be willing to do what is right for our great American workers". Talks are set to continue today so there could be more choppy price action.

Elsewhere in Europe GBP was one of the best-performing currencies after some progress was made in the Brexit negotiations. EU's Barnier and Co. are set to arrive in the UK for talks today and sound determined to move forward on some of the key differences. The aim is to reach an agreement by the middle of November, according to officials.

On the coronavirus front, there was some negative news in one of the drug trials. It was confirmed that one of the AstraZeneca trialists based in Sao Paulo, Brazil died during testing. It has been said that the trials of the drug is still continuing but this is a serious setback for the firm.

Looking ahead to today's session, traders will be looking forward to US weekly initial jobless claims, German GFK consumer confidence, US existing home sales, EZ consumer confidence and the latest Turkish central bank rate decision. From central bankers, we hear from BoE's Bailey, Haldane, Fed's Kaplan, Barkin, ECB's Panetta and Hakkarrainen. On the earnings front Anglo American are set to update the market with their latest numbers.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.