x
Gold and silver have had a heavy session overnight with the yellow metal trading -0.61% lower while silver dropped -1.34%. In the rest of the commodities complex, spot WTI fell -0.61% and copper also struggled, losing -0.69% of its value.
Following a poor performance on Wall Street, the Nikkei 225 (-1.10%), ASX (-0.50%), and Shanghai Composite (-0.52%) all underperformed. Futures in Europe are pointing towards a negative cash open.
In FX markets, the dollar index moved higher overnight by 0.31%. The biggest loser was AUD/USD (-0.71%) but the greenback performed well against all the other majors. In the crypto space, BTC/USD is only marginally lower trading at $44,428.
In terms of news, the FOMC minutes noted that "substantial further progress" had not been met yet in the U.S. but most members said it could be time to taper by the end of this year. Risk sentiment turned after the FOMC minutes.
Australia July employment +2.2K vs -46.2K expected.
Japan August Reuters Tankan manufacturing +33 vs +25 prior.
U.S. president Biden's approval rating dipped below 50% for the first time in office.
Fed's Bullard said misjudging inflation could lead to very disruptive hikes.
Antofagasta H1 Revenue hit $3.59B and EBITDA reached $2.36B (est $2.42B).
Looking ahead to the rest of the session highlights include U.S. initial jobless claims, Philly Fed manufacturing data and Canadian ADP employment data.
By Rajan Dhall
For Kitco News
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