x
Gold has moved 0.80% higher overnight and trades at $1777/oz leading into the European open. Silver is also up around the same amount and continues to flirt with the $26/oz psychological level. In the rest of the commodities complex, copper is around half a percent higher and spot WTI is 0.72% in the black.
After a really heavy close last week in the U.S. it was much of the same for the Nikkei (-3.29%) and ASX (-1.81%). The Shanghai Composite bucked the trend to trade 0.10% higher on the first trading day of the week.
In FX markets, the dollar index moved -0.08% lower and the biggest mover overnight was once again NZD as NZD/USD jumped nearly half a percent higher.
In terms of news, the China State Planner is expected to launch an investigation on the Iron ore spot market. This comes as the Chinese administration is looking to crack down on the price of commodities.
Some Chinese financial media outlets are reporting that some banks have cut rates on deposit certificates.
The China economic powerhouse state of Guangdong is "hit with the perfect storm of power grid uncertainty".
Authorities in the Chinese province of Sichuan ordered cryptocurrency mining projects closed.
Australia preliminary retail sales for May reached +0.1% m/m (expected +0.4%).
The U.K. Rightmove house price indicator for June printed at +0.8% m/m (prior +1.8%).
Australia has filed a complaint to the WTO over China's tariffs on Australian wine.
ECB President Lagarde we made good progress in shaping future monetary policy strategy.
ECB's Holzman says interest rates would need to rise if inflation approaches 2% on a sustained basis.
The Biden administration confirms they are looking to impose additional sanctions on Russia.
Looking ahead to the rest of the session we could hear from ECB's Lagarde, McCaul and Fed member Williams.
For Kitco News
