Gold and silver trade higher heading into the European open
(Kitco News) - Gold and silver are both heading into the European session in positive territory. Gold is up 0.42% while silver has risen 0.89% respectively. In the rest of the commodities complex, copper is trading just above flat while spot WTI pushed 1.30% in the black.
In terms of risk sentiment, the Nikkei 225 (-0.03%), ASX (0.57%), and the Shanghai Composite (-0.94%) were mixed overnight. Futures in Europe are pointing towards a positive open nevertheless.
In FX markets, the greenback is just above flat (dollar index) but it lost ground against AUD and CAD. Bitcoin is trading nearly 2% higher at $44,015.
Looking at the major news stories from overnight:
A very narrow election in Germany saw the SPD come out with a narrow victory. The Greens and FDP are to play a key role in the coalition-building process.
The SPD secured 25.7% of the vote, while the ruling conservative CDU/CSU bloc gained 24.1%. The Greens achieved 14.8% of the ballot, the best in their history.
BOJ's Kuroda said Japan's economic recovery to become clearer as pandemic impact subsides.
Vitol's CEO says global oil demand is still down compared to the 2019 level.
US President Biden says again he'll levy higher taxes on those earning > $400,000.
US House Speaker Pelosi set Thursday for the infrastructure bill vote.
Japan PPI Services for August +1.0% y/y (expected +1.2%).
Goldman Sachs hiked its oil price projections from $80 to $90 (year-end Brent).
U.S. National Hurricane Center warns on "ferocious" Sam.
Australian PM Morrison says states must reopen borders once vaccination targets hit.
Looking ahead to the rest of the session highlights include U.S. durable goods, comments from ECB's Lagarde, Panetta, Fed's Evans, Williams, Brainard, and BoE's Bailey.