(Kitco News) – Gold and silver are mixed this morning with gold trading 0.12% higher and silver trading -0.22% in the red. Both precious metals have been contained within their ranges and the market could get more volatile as we head into Friday’s NFP reading. In the rest of the commodities complex, copper has fallen 1.50% and spot WTI has used 0.50% into the black.
In terms of risk sentiment, the Nikkei 225 (1.29%) and Shanghai Composite (0.71%) traded well but the ASX lost 0.10% overnight. Futures in Europe are pointing towards a positive open.
In FX markets, the DXY has moved 0.12% higher to pare back some recent losses. The biggest mover overnight was USD/CHF which rose 0.43%. In the crypto space, BTC/USD continues to move sideways and stall below $50k.
Looking at the news from overnight, China Caixin Manufacturing PMI for August 49.2 vs. expected 50.2, prior 50.3. Remember anything under 50 means the sector is in contraction.
China is said to be selling around 150K tons of state metals reserves in a third round of selling.
BOJ’s Wakatabe said the BOJ prepared to ease further if necessary.
UK August Nationwide house prices +2.1% vs +0.2% m/m expected.
Germany July retail sales -5.1% vs -0.9% m/m expected.
ECB’s de Guindos noted inflation will continue to pick up this year, expects that it will fall back in 2022.
Australian Q2 GDP +0.7% q/q (0.5% expected).
There was a confirmed surge in new cases today for Australia’s 2nd largest population state Victoria.
US Congress to investigate risks related to Chinese stock market listings on American exchanges.
Looking ahead to the rest of the session highlights include the OPEC meeting, PMI’s from the major nations, EZ unemployment rate, U.S. ADP NFP. We are also due to hear from Fed’s Bostic, Buba Wuermeling and Weidmann.