(Kitco News) – Its the first proper trading week of 2021 and gold (1.34%) and silver (2.95%) are starting the year on the front foot. Sentiment overnight has been mixed as the Nikkei 225 fell 0.68% after suggestions and reports that Japan may move into a state of emergency due to the rise in COVID-19 infections. However, Australias ASX rose 1.47% and China’s Shanghai Composite also pushed 0.86% higher.
In terms of major news, we learned that a group of senators led by Republican Ted Cruz is pushing for a delay and a 10-day investigation into accusations of wrongdoing related to the election.
The market also received the December reading for the Chinese Caixin manufacturing PMI index. The reading slightly missed expectations of 54.8 to print at 53.0 but it was the 8th consecutive month of expansion. Australia’s manufacturing PMI for December also narrowly missed the analyst consensus reading of 56 to print at 55.7.
In the UK, Prime Minister Boris Johnson said that the UK may need to come to terms with the fact that tougher restrictions may need to be in place to deal with the mounting coronavirus cases. This comes in the week that the Oxford/AstraZeneca vaccine is being released to the most vulnerable people in the nation.
Sticking with vaccines, the US is said to be considering giving some people half the dose of Moderna’s COVID-19 vaccine. The vaccine is delivered in two stages but this move may be considered to make to rollout smoother and more efficient.
Ahead to today’s OPEC meeting, there have been the usual comments. This time, OPEC Secretary-General Barkindo stated OPEC sees plenty of downside risks for oil markets in the first half of 2021.
Lastly, the meteoric rise in Bitcoin continued over the weekend. The crypto major it 34,810 a new all-time high. ETH/USD also followed suit jumping 62% in the last 3 days.
Looking ahead to the rest of the session highlights include manufacturing PMI numbers from the UK, Germany, Canada, Italy and France, the aforementioned OPEC meeting and comments from Fed’s Bostic, Mester and Evans. On a side note, it is also the extradition heading for Julian Assange in London.