(Kitco News) - Gold (-0.09%) and silver (-0.29%) both trade marginally lower heading into the European open. In the rest of the commodities complex, copper has risen 0.28% while spot WTI has moved another 1.29% higher to trade at $119.15/bbl.
In the risk markets, there was a distinct lack of direction. The Nikkei 225 (-0.33%) and ASX (-1.03%) both closed lower, while the Shanghai Composite moved 1.18% in the black. Futures in Europe are indicating there will be a slightly negative cash open.
In FX markets, GBP/USD was the biggest loser overnight after the pair fell 0.42%. In the crypto space, BTC/USD trades at $31,534.
News from overnight:
China Cabinet issues a series of policies to bolster economic stability. To accelerate the issuance of local government special bonds. To step up VAT credit rebates, ramp up fiscal spending.
China's Foreign Minister Wang says the relationship with the US cannot continue to deteriorate.
Shanghai official says the city is returning to normal.
EU's von der Leyen, EU agreement to cut 90% of Russian oil to the EU.
RBNZ's Hawkesby say the Bank needs to keep reducing stimulus.
Australia Q1 current account balance AUD 7.5bn (expected 13.4bn, prior 12.7bn).
Australia Building Approvals for April -2.4% m/m (vs. expected 2.0%).
China May PMIs Manufacturing 49.6 (expected 48.0).
NZ Business confidence May -55.6 (prior -42.0) & Activity -4.7 (prior 8.0).
Japan retail sales April +0.8% m/m (prior +1.7%) & +2.9% y/y (expected +2.6%, prior +0.7%).
Japan preliminary industrial production for April -1.3% m/m (expected -0.2%).
Japan unemployment rate (April) 2.5% (vs. expected 2.6% and prior 2.6%).
UK business confidence May 38 from 33 in April.
Looking ahead to the rest of the session highlights include EZ CPI, U.S. consumer confidence, and Biden meetings.
