Silver is trading higher leading into the European open
(Kitco News) - Gold is trading flat heading into the European open while silver has risen 0.59%. In the rest of the commodities complex, both copper (0.96%) and spot WTI (0.24%) trade higher.
In stock markets, risk sentiment improved overnight. The Nikkei 225 (2.64%), ASX (1.93%) and Shanghai Composite (0.78%) all moved higher overnight. Futures in Europe are also indicating a positive cash open
In FX markets the biggest mover was AUD/USD which retraced back up around 0.40%. In the crypto space, BTC/USD moved about 5% higher after some heavy recent price action.
News from overnight:
Fed Chair Powell says factors outside the Fed's control may mean a hard landing. He added we have the tools to get inflation under control, we will do that.
Powell: The Fed is firmly committed to getting inflation back down to 2%.
Bank of Japan Governor Kuroda says massive bond-buying may hurt market functioning.
BOJ's Kuroda: Appropriate to maintain dovish forward guidance on interest rates.
Beijing has mandated three days of residents staying at home for testing.
China to 'strictly limit' unnecessary overseas travel by Chinese citizens.
Shanghai authorities aiming for Zero-Covid at the community level by mid-May.
Toyota to halt 12 plants in Japan, & will cut North American production further.
New Zealand April manufacturing PMI 51.2 (prior 53.8).
Looking ahead to the rest of the session highlights include U.S. import and export data, University of Michigan data, and comments from ECB's Schabel, de Guindos, and Fed's Kashkari.