News Bites
Gold and silver move lower ahead of the European open
(Kitco News) - After a tough start to the week gold is trading another 0.50% lower heading into the European open. Silver is also 0.82% weaker. In the rest of the commodities complex, copper is 0.34% in the red, and spot WTI is half a percent lower too.
Risk markets in the Asia Pac area were mixed. The Nikkei 225 (0.86%) and ASX (0.05%) both traded higher but the Shanghai Composite fell 1.47%. Futures in Europe are pointing towards a positive cash open.
In FX markets, the greenback was softer across the board. AUD/USD was the biggest mover climbing 0.55%. In the crypto space, BTCUSD is 0.17% lower trading at $41,430.
News from overnight:
Biden to announce another large military aid package for Ukraine.
IMF says there is space for more Chinese monetary and fiscal support for the economy.
Fed's Kashkari says the Fed's job may get more difficult, may need to do more on inflation.
Shanghai official says the COVID-19 outbreak in the city has shown a downtrend in recent days.
Japan raises gasoline subsidy to ¥25 per litre.
Germany March PPI +4.9% vs +2.6% m/m expected.
Australia Westpac Melbourne Institute Leading Index 0.4% m/m (prior -0.2%).
ANZ Roy Morgan Australian Consumer Confidence weekly survey: 96.8 (prior 94.6).
Japan March Exports +1.7% m/m while Imports -0.5% m/m.
Looking ahead to the rest of the session highlights include EZ industrial production, Canadian CPI, U.S. existing home sales, the French election TV debate, comments from Fed's Daly and Evans, and earnings continue.
