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After a tough end to last week gold has started the week on the front foot rising 0.23% in the Asia Pac session. Silver is also trading well and has moved 0.23% higher to trade at $25.22/oz. In the rest of the commodities complex, copper is 0.40% higher and spot WTI has lost -1.18%.
In the indices, the Nikkei 225 has risen 1.04% and the ASX traded flat. The Shanghai Composite however fell a massive -2.50%. Index futures in Europe are also pointing towards a negative cash open.
In the FX markets, the biggest mover overnight was USD/JPY which fell -0.20%. The dollar index is trading -0.08% lower but to strengthen against the Australian dollar as AUD/USD fell -0.18%. In the crypto space, bitcoin has had a revival over the weekend and looks like it could hit $40k.
Looking at the major stories from the weekend and overnight, the companies in China struggled in the markets overnight after Beijing tightened regulations. This included a ban on companies offering tutoring in the school curriculum going public and raising capital.
Some housing companies also suffered in China after the PBOC ordered lenders in Shanghai to raise mortgage loan rates for first-time homebuyers.
Japanese Manufacturing PMI (Jul) 52.2 vs prev 52.4.
More from China as the Vice Foreign Minister said that the relationship with the U.S. is at a stalemate and now faces difficulties. Although, China says it has asked the U.S. to remove sanctions on Chinese leaders.
The U.S. infrastructure talks continued over the weekend and apparently, there is still a substantial disagreement.
Sydney is to announce an extended lockdown today (to mid-September).
In the U.S. Fauci says some in the US may need booster shots of COVID-19 vaccine.
Looking ahead to the rest of the session highlights include the German IFO reading, U.S. new home sales, and comments from BoE's Vlieghe.
By Rajan Dhall
For Kitco News
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