(Kitco News) - Gold is trading 0.16% lower while silver is flat heading into the European cash open. In the rest of the commodities complex, copper is 0.30% higher and spot WTI has dropped 0.22%.
Risk sentiment was weak overnight after a bearish close in America. The Nikkei 225 (-1.49%) and ASX (-1.25%) closed lower but the Shanghai Composite moved 1.43% into the black.
In FX markets, NZD/USD was the biggest mover rising 0.55% after a few weak sessions. The dollar index is 0.15% lower. In the crypto space, BTC/USD still hovers around $30k.
News from overnight:
ECB's Villeroy: The "neutral rate" is somewhere between 1% and 2%. He added, "inflation is not only too high but also too broad".
Chinese factory-gate inflation cooled to its slowest pace in 14 months.
NZ finance minister says the RBNZ will remain an inflation-fighting central bank.
Fitch says Chinese construction companies face profit pressure on Covid-19 restrictions.
Shanghai to conduct mass COVID testing in 7 of its 16 districts at weekend.
The White House believes CPI will be high due to the flow-through impact of higher oil prices.
Yellen wouldn't recommend crypto for most retirement savers, it is a very risky investment. She also said inflation is clearly a major problem, it's what I'm most focused on.
China CPI (May) +2.1% y/y (expected 2.2%).
China PPI +6.4% y/y (expected 6.4%).
Japan PPI (May) +9.1% y/y (expected +10%).
Looking ahead to the rest of the session highlights include U.S. CPI, the Canadian Jobs report, U.S. Michigan data, and comments from ECB's Lagarde.
