Gold trades higher ahead of the European open
(Kitco News) - Gold (0.37%) and silver (0.03%) are trading higher ahead of the European open. Elsewhere in the commodities complex, copper is 1.15% lower and spot WTI is 0.10% lower so far.
Risk sentiment overnight was pretty good. The Nikkei 225 (0.69%) and Shanghai Composite (0.73%) both pushed higher but the ASX (-0.01%) struggled. Futures markets are indicating a positive cash open in Europe.
In FX markets the biggest mover was NZD/USD which rose 0.29%. In the crypto space, BTC/USD is 0.37% higher at $22,893.
News from overnight:
Chinese military reportedly begins drills around Taiwan island.
China locks down areas of the city of Sanya due to COVID-19.
Chinese government injecting $47 bn in public funds to prop up small and mid-sized banks.
China state financial media says infrastructure investment is expected to increase 11% y/y.
Canadian Finance Minister Freeland shows support for east coast energy export infrastructure.
Russia is said to be using Egypt’s El Hamra oil terminal to bypass sanctions on oil shipment.
U.S. President Biden says looking forward to welcoming Finland and Sweden into NATO.
Germany June factory orders -0.4% vs -0.8% m/m expected.
Australia June exports +5% m/m (vs. expected 0.0%)
Looking ahead to the rest of the session highlights include the Bank of England rate decision, EZ & U.K. construction PMI, U.S. Challenger layoffs, initial jobless claims, Canadian trade balance, and comments from ECB's Elderson and Fed's Mester.