(Kitco News) – Gold (-0.19%) and silver (-0.22%) are both trading lower heading into the European open. In the rest of the commodities complex, copper (-0.35) and spot WTI (-0.60%) are both trading in the red.
After the negative close on Wall Street, indices in the Asia Pac area also struggled. The Nikkei 225 (-0.91%), ASX (-0.94%) and Shanghai Composite (-1.25%) all closed lower. Futures in Europe are also pointing towards a negative cash open.
In FX markets, the dollar index is 0.17% higher. The biggest mover overnight was AUD/USD which fell 0.34%. Bitcoin is trading at $20,100.
News from overnight:
Kuroda says Japan core CPI above 2% almost all due to international energy price increase.
ECB reportedly weighing up whether to announce size, duration of bond-buying scheme.
ECB’s Wunsch said 200 bps rate hikes needed “relatively fast”, a “no brainer”.
U.S. Deputy Commerce Secretary Graves says US clear response on China tariffs is coming soon.
G7 discussions with China and India on the Russian oil price cap were “positive”.
South Korean media reports say that the BoK will consider a hefty rate hike if inflation hits 6%.
German regional CPI: North Rhine Westphalia June CPI +7.5% vs +8.1% y/y prior.
Australian data for May Retail Sales: +0.9% m/m (expected +0.4% m/m).
Japan May Retail Sales +0.6% m/m (vs. +1.0% expected and +1.0% previously).
U.K. June shop prices +3.1% y/y (prior 2.8%), Highest since Sep 2008.
Looking ahead to the rest of the session highlights include the EZ sentiment survey, German CPI, U.S. GDP, OPEC meeting, Fed’s Powell, Mester, Bullard, ECB’s de Guindos, Schnabel, Lagarde, and BoE’s Bailey.