(Kitco News) – Both gold (-0.16%) and silver (-0.75%) have moved lower leading into the European session. In the rest of the commodities complex, copper is down nearly 1% and spot WTI dropped 0.88% overnight.
Risk sentiment was positive overnight as the Nikkei 225 (0.13%), ASX (1.07%), and Shanghai Composite (0.67%) all moved higher. Futures in Europe are pointing to a marginally positive cash open.
In FX markets, the dollar index soared 0.35% higher overnight. USD/JPY was the biggest mover jumping 0.38%. In the crypto space, bitcoin has started to recover as it also moved 2.25% higher.
News from overnight:
U.K. PM Johnson considering deploying RAF fighters, RN Warships re Ukraine.
Russian President Putin warned that European countries will be drawn to military conflict if Ukraine joins Nato.
The U.S. has approved a possible $100 mn Taiwan Patriot missile defense system program.
The U.S. Commerce Department added 33 Chinese companies to red flag list.
There have been rumors that Sri Lanka is on the brink of a sovereign bond default.
Japan January economy watchers survey current conditions 37.9 vs 56.4 prior.
Australia business confidence data for January +3 (vs. -12 prior).
U.K. BRC January like for like sales +8.1% y/y (prior +0.6%).
Japanese Real wages -2.2% y/y and Household spending -0.2% y/y.
Australia weekly consumer confidence 99.9 (prior 101.8).
The U.S. announces a deal to ease tariffs on Japanese steel imports.
Looking ahead to the rest of the session highlights include U.S. and Canadian trade data, the EIA STEO, and earnings continue.