Gold and silver move lower ahead of the European open
(Kitco News) - Gold (-0.22%) and silver (-0.58%) both trade lower leading into the European cash open. In the rest of the commodities complex, copper is flat but spot WTI is up around 0.60%.
Indices traded well overnight as the Nikkei (0.44%), ASX (1.29%), and Shanghai Composite (0.11%) all pushed higher. Futures in Europe are also projecting a positive cash open.
In FX markets, the biggest mover was NZD/USD which fell 0.35%. The dollar index was largely static. In the crypto space, BTC/USD trades at $19,350.
News from overnight:
The PBoC has left its lending benchmarks LPRs unchanged, as expected.
China Loan Prime Rates (LPR) 1 year 3.65% (prior 3.65%) & 5 year 4.30% (prior 4.30%).
The delayed Bank of England policy meeting is on Thursday 22 September 2022.
The U.S. is to sell 10 mn bbls of oil from strategic petroleum reserve, delivery in November.
World Bank President says global economic slowdown may persist well in 2023.
Germany August producer prices +7.9% vs +1.6% m/m expected.
Japan August Headline CPI 3.0% (expected & prior 2.6%).
Looking ahead to the rest of the session highlights include Canadian CPI, Riksbank policy announcement, and a speech from ECB's Lagarde.