Gold and silver are trading flat ahead of the European open
(Kitco News) - Gold and silver are trading marginally lower heading into the European open. Gold is trading at $1748/oz while silver is at $22.57 respectively. In the rest of the commodities complex, copper is 0.35% higher while spot WTI is 1.19% in the black.
Overnight risk sentiment was once again mixed. The Nikkei 225 (-0.18%) and ASX (-1.37%) closed lower while the Shanghai Composite pushed 0.75% higher. Futures in Europe are pointing to a mildly positive open.
In FX markets, commodities currencies performed well. AUD/USD was the main mover up 0.31%. Elsewhere, Bitcoin is trading at $42,485.
Federal Reserve members Kaplan and Rosengren announced their resignations in the wake of Fed trading scandal. Fed's Rosengren will retire on 30th Sept after a trading scandal
Dallas Fed Pres. Kaplan to retire on 8th October.
Chinese authorities to send inspectors into China’s top 25 financial institutions in the coming weeks.
North Korea has launched another missile an 'unidentified projectile' into the East Sea.
BP says oil demand and supply will both rise next year, supply growth to outpace.
Japan economy minister Nishimura says seeking to lift states of emergency on 1st October.
Japan's finance minister Aso says he doubts demand will surge once the state of emergency is lifted.
China's provincial governor says should import more coal to ease power shortages.
China Industrial Profits for August +10.1% y/y (prior +16.4% y/y).
Australia retail sales for August -1.7% m/m (expected -2.5%).
World Bank is still optimistic about China's economic growth, with the annual growth forecast at 8.5%.
Bank of England Governor Bailey once again flagged rate hike prior to QE ending.
Chinese media says to expect a crackdown on high coal prices - citing power shortages, cuts to factory output.
Goldman Sachs has cut its China 2021 GDP forecast to 7.8% (from 8.2% previously).
Fed's Bostic says the U.S. not facing a long bout of troublesome inflation.
Fed's Powell says the bank would act against sustained higher inflation.
Looking ahead to the rest of the session highlights include German GFK, U.S. consumer confidence, and the OPEC world outlook. There is also a very heavy speaker schedule with comments coming from ECB's Lagarde, de Guindos, Panetta, Schnabel, Fed's Powell, Evans, Bostic, Bowman, and BoE's Mann.