News Bites
Gold and silver head in to the European open on a positive note
(Kitco News) - Gold and silver have started the week on the front foot. During the Asian session, the price of the yellow metal breached $1800/oz once again but has now settled at $1797/oz. Copper is also looking positive up 1.19% while spot WTI has risen 0.26%.
Risk sentiment was mixed overnight as the Nikkei 225 fell -0.71% but the ASX (0.34%) and Shanghai Composite (0.66%) traded well. Futures in Europe are pointing towards a positive open.
In FX markets, the dollar index is a touch softer but the biggest mover overnight was AUD/USD which rose 0.23%. In the crypto space, BTC/USD rose 1.18% to trade at $61,061.
Japan August final leading indicator index 101.3 vs 101.8 preliminary.
China's National Health Commission spokesperson expects the number of new COVID-19 cases to keep rising.
China's state planner NDRC to meet with some property developers on Tuesday.
China's President Xi says opposes unilateralism, protectionism, hegemony, zero-sum games.
China Evergrande says it has resumed construction work in 6 cities, on more than 10 projects.
A military coup appears to be underway in Sudan.
Saudi Arabia Energy Minister says OPEC+ should remain cautious over output.
Fed Chair Powell says he thinks it is time to taper, not to raise rates.
U.K. press says Chancellor Sunak to raise the minimum wage.
U.S. Treasury Sec Yellen says inflation is under control.
U.S. President Biden had a productive conversation with Senators Schumer and Manchin regarding the "Build Back Better" agenda.
Chinese Magnesium producers Shaanxi predict up to a 10% cut in exports.
Looking ahead to the rest of the session highlights include German Ifo and comments from BoE's Tenreyro.
