News Bites
Gold and silver are trading higher ahead of the European open
(Kitco News) - gold (0.04%) and silver ((0.26%) are trading just above flat as we head into the European open. Looking at the rest of the major commodities, copper (0.30%) and WTI (0.59%) are both trading in the black too.
Stocks performed well overnight as the Nikkei 225 (1.23%), ASX (0.77%) and Shanghai Composite (0.80%) all traded higher. Futures in Europe are also pointing to a positive open.
The biggest FX mover overnight was NZD/USD (0.30%). The dollar index is currently 0.15% lower. In the crypto space, bitcoin is trading at $20,855.
News from overnight:
Oliver Dowden resigned as chairman of U.K. Conservative Party. The Conservatives also lot to by-elections last night.
German economy minister warns of industry shutdowns amid gas shortage.
U.S. Senate passes gun safety legislation, heads now to a House vote and then Biden to sign.
Fed Chair Powell said inflation expectations are anchored but added it is not enough as over time they will come under pressure.
U.K. May retail sales -0.5% vs -0.7% m/m expected.
Japan services PPI 1.8% y/y (prior 1.7%).
Japan CPI May Headline 2.5% y/y (expected 2.9%).
Looking ahead to the rest of the session highlights include German ifo, U.S. new homes, peaches from Fed's Bullard, Fed's Daly, ECB's de Cos, and BoE's Pill.
