(Kitco News) – Gold and silver are trading marginally lower heading into the U.S. session. The move lower overnight comes after a decent recovery for the yellow metal on Thursday. Silver also briefly dropped below $22/oz before recovering. Elsewhere in the commodities complex, copper (-0.78%) looks like it could break the consolidation low on the daily chart, and spot WTI is down -0.26% but remains in a good trend.
Risk sentiment overnight was pretty poor. The Nikkei 225 (-2.31%) and ASX (-2.00%) both fell but markets in Asia were closed due to public holidays. Futures in Europe are pointing towards a negative open.
In FX markets, commodities currencies suffered overnight. AUD, CAD, and NZD all lost ground against the greenback. Bitcoin traded 0.08% higher and is at $43,872.
Looking at some of the major news stories overnight
Premier of Australia’s most populous state Berejiklian has resigned. Independent Commission Against Corruption (ICAC) has just launched an investigation into Premier Gladys Berejilklian.
Germany August retail sales +1.1% vs +1.5% m/m expected.
Australia to reopen international border in November says PM Morrison.
Australia – AiG Manufacturing PMI for September 51.2 (prior 51.6)
Japan – Jibun Bank/Markit Manufacturing PMI (final) for September 51.5.
Japan Unemployment rate for August 2.8% (expected 2.9%).
Australia – Markit Manufacturing PMI for September (final): 56.8.
New Zealand – ANZ Consumer Confidence Index for September 104.5 (prior 109.6).
US President Biden signed the stopgap funding bill to avoid a government shut down.
The House refrained from voting on the $1trl infrastructure bill.
China’s Vice Premier ordered state-owned energy companies to secure supplies for winter “at all costs”
Looking ahead to the rest of the session highlights include EU CPI, U.K. manufacturing, German manufacturing, U.S. core PCE, ISM manufacturing, University of Michigan data, and comments from Fed’s Harker, Mester, and ECB’s Schnabel.