(Kitco News) - After a heavy fall yesterday gold is trading 0.48% higher heading into the European open. It is much of the same as silver as the grey metal is trading 0.88% higher. In the rest of the commodities complex, copper is 1.11% higher and spot WTI is 0.68% in the black.
Stock markets struggled overnight following the Wall St. rout. The Nikkei 225 (-1.33%) and ASX (-3.55%) both fell but the Shanghai Composite managed to buck the trend and close 0.54% higher. Futures in Europe are pointing towards a positive open.
In FX markets, AUD/USD was the biggest mover overnight climbing half a percent. Again the moves just seem like a bit of a retracement from some recent greenback strength. In the crypto space, BTC/USD is trading at $22,573.
News from overnight:
U.S. Congress moving forward with laws to restrict US investment in China firms.
Bank of England governor Bailey on crypto: "be prepared to lose all your money".
China Securities Journal says once again that the PBOC has room to ease policy.
China state media on China-US talks in Luxembourg: necessary & beneficial communication.
Major Chinese cities see more land auctions being scrapped, and broke developers stay away.
UK May claimant count change -19.7k vs -49.4k expected.
Germany May final CPI +7.9% vs +7.9% y/y prelim.
Germany May wholesale price index +1.0% vs +2.1% m/m prior.
Japan April final industrial production -1.5% vs -1.3% m/m prelim.
Looking ahead to the rest of the session highlights include Swedish CPIF, German ZEW, OPEC MOMR, and comments from ECB's Schnabel.
