(Kitco News) – Heading into the European session both gold and silver have moved lower. The yellow metal is currently -0.32% down and trades at $1781/oz, Looking at the rest of the commodities copper is 1.26% higher and spot WTI fell -0.57% overnight.
In terms of risk sentiment, the ASX jumped nearly 1% overnight but the Nikkei 225 (-0.43%) and Shanghai Composite (-0.20%) both struggled. Futures in Europe are pointing towards a negative open.
In FX markets, AUD/USD was the biggest mover rising 0.20% but the rest of the majors were pretty static ahead of the FOMC meeting later on. In the crypto space, BTC/USD is down -0.31% trading at a lofty $63,061.
Main stories from overnight:
Magnitude 5.9 earthquake Valparaiso, Chile.
Chinese President Xi Jinping is due to speak Thursday, November 4th.
Premier Li Keqiang said China’s economy faces new downward pressures and has to cut taxes and fees to address the problems faced by small and medium-sized companies.
South Korean PM says cannot afford another round of universal COVID-19 relief grants.
Australia Building Approvals for September -4.3% m/m (expected -2.0%).
Around half the flights to and from Beijing were canceled Tuesday.
RBNZ Governor Orr says the jobs market data is extremely volatile at present.
Australian Markit Services 51.8 and Composite 52.1 PMI for October (final).
New Zealand Q3 Unemployment rate 3.4% (expected 3.9%, prior 4.0%).
Chinese Caixin/Markit PMI for October, Services 53.8 (expected 50.7).
U.K. October Nationwide house prices +0.7% vs +0.4% m/m expected.
Australian AiG Construction PMI for October 57.6 (prior 53.3).
Looking ahead to the rest of the session highlights include U.K. & U.S. composite and services PMI data, U.S. ISM services, FOMC policy announcement, and comments from ECB’s Lagarde, Elderson, Villeroy.