(Kitco News) – Gold (0.3%) has managed to push higher once again as the Russia/Ukraine-inspired risk-off tone kicks in once more. Silver (-0.30%) has lost ground and now trades at $23.53/oz. In the rest of the commodities complex, copper is 0.29% lower and spot WTI rose 2.29%.
In the Asia Pac area, the Nikkei 225 (-0.83%) fell but the ASX (0.16%) and Shanghai Composite (0.06%) managed to hold up. Futures in Europe are pointing towards a negative open.
FX markets were quiet overnight and NZD/USD was the biggest mover and rose 0.28%. In the crypto space, BTC/USD fell 0.14% to reach $43,835.
News from overnight:
Maxar satellite images show Russia has pulled back some equipment from near Ukraine.
Ukraine denies shelling separatists’ positions in East Ukraine.
The Russian defense ministry says around 10 military convoys have left Crimea after drills.
Russian media reports that Ukraine’s military has opened fire in four LPR localities.
Biden administration says more Russian troops arrived along Ukraine border Wednesday.
Yellen says US inflation rates are “not acceptable” but the Fed Reserve will act.
Biden administration prepared to take action to address shortfall in China phase 1 deal.
San Francisco Fed President Mary Daly says financial conditions have tightened.
Carolyn Wilkins says Canada needs to make cryptocurrency as safe as our financial system.
Switzerland’s January trade balance CHF 3.18 billion vs CHF 3.69 billion prior.
Singapore’s GDP for Q4 2021 and the whole of 2021 came in better than flash estimates.
Australia January Employment Change: +12.9K (expected 0K) & Jobless rate 4.2% (expected 4.2%).
Japan December core machinery orders +5.1% y/y and +3.6% m/m.
Japan January exports +9.6% y/y.
Looking ahead to the rest of the session highlights include U.S. initial jobless claims, CBRT policy announcement, comments from ECB’s Lane, Schnabel, de Cos, Fed’s Bullard, and Mester. Earnings continue.