Gold trades marginally higher ahead of the European open
(Kitco News) - Gold (0.10%) trades marginally higher ahead of the European open and silver is down 0.69%. In the rest of the commodities complex, copper has fallen 1.72% and spot WTI is 1.28% in the red.
After the U.S. CPI data equities continued to trend lower. In the Asia Pac area, the Nikkei 225 (-1.77%), ASX (-1.75%) and Shanghai Composite (-0.08%) all suffered losses. Futures in Europe are indicating a negative cash open.
In FX markets, the antipodeans suffered losses again. AUD/USD was the biggest mover falling 0.60%. In the crypto space, BTC/USD had another tough session falling to $26,697 down nearly 8%.
News from overnight:
Fed's Bullard, says a 75-basis-point hike “not my base case.”.
Premier Li Keqiang "helping press China’s authoritarian leader" Xi to improve the economy.
PBOC vice-governor says will increase financial support for the real economy.
China's 3rd-largest property developer by sales failed to make $29mn coupon payment.
The Pentagon has asked Congress to fund mining projects in Australia and the U.K.
NZ finance minister Robertson: - inflation to come down in the second half of 2022.
The US Senate confirmed economist Philip Jefferson as a Federal Reserve governor.
UK Q1 preliminary GDP +0.8% vs +1.0% q/q expected.
Switzerland's April producer and import prices +1.3% vs +0.8% m/m prior.
U.K. RICS House Price Balance (April) 80 (vs. prior 74).
New Zealand April food price inflation subdued at +0.1% m/m (prior +0.7%).
Looking ahead to the rest of the session highlights include Swedish CPIF, U.S. initial jobless claims, PPI, OPEC report, IEA report, and earnings continue.