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Gold and silver are mixed heading into the European open

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(Kitco News) - Gold and silver are currently mixed heading into the European open. Gold is currently trading 0.26% higher while silver has lost -0.56% of its value. In the rest of the commodities complex, copper is -0.26% lower and spot WTI dropped -0.54%.

Bourses in the Asia Pac area all traded in negative territory overnight. The Nikkei 225 (-2.17%), ASX (-1.08%) and Shanghai Composite (-1.58%) all moved into the red. However, futures in Europe are pointing to a positive open. 

There was very little movement in the FX markets overnight. The biggest mover was AUD/USD which rose 0.26%. In the crypto space, BTC/USD rose 2.87% as it looks like $40k is being defended on the daily chart.

Looking at the major news stories from overnight, Fumio Kishida wins the LDP leadership runoff to become the next Japanese prime minister.

Germany August import price index +1.4% vs +1.2% m/m expected.

China reportedly considers a power rate hike for industrial users to relieve the current crunch.

Japan's enormous government pension fund will not be investing in China's yuan-denominated sovereign bonds.

New Zealand PM Ardern will make a decision on Auckland restrictions on Monday.

Fed's Bullard forecasts 5.8% US GDP growth this year. He added that the U.S. is nowhere near facing a 1970's style stagflation.

EU official says the US has reached out to China about reducing imports of Iranian oil.

U.K. BRC Shop Price Index -0.5% y/y for August (prior -0.8%).

In the U.S., Senate GOP blocked majority leader Schumer's unanimous consent effort to suspend the debt limit. 

Looking at the rest of the session highlights include EU consumer confidence, Canadian raw materials price index, U.S. pending home sales, DoE's, and comments from German Buba's Mauderer, ECB's Lagarde, lane, Elderson, de Guindos, Fed's Bostic, Williams, Powell, and Harker.

 

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