Gold and silver are mixed heading into the European open

NEW YORK (Aug 31)  After a 0.78% drop on Tuesday gold starts the session 0.09% lower on Wednesday. Silver on the other hand is holding its head above water trading 0.29% in the black. In the rest of the commodities complex, both copper (0.54%) and spot WTI (0.10%) are trading higher. 

Overnight stocks in the Asia Pac area followed the negative lead from Wall Street. The Nikkei 225 (-0.37%), ASX (-0.16%) and Shanghai Composite (-1.01%) all traded in negative territory. Futures markets in Asia are pointing towards a positive cash open. 

In FX markets, the biggest mover was AUD/USD which rose 0.58% overnight. In the crypto space, BTC/USD remains just above $20k. 

News from overnight:

BoJ's Nakagawa says the Bank must continue easing.

BoJ's Nakagawa: Must remain vigilant to downward pressure on the economy.

ANZ forecast China's 2022 GDP at 3%, well below the official target of around 5.5%.

U.K. shop price inflation jumps higher in August: +5.1% (previous +4.4%).

Germany July import price index +1.4% vs +1.5% m/m expected.

Japan's August consumer confidence index 32.5 vs 30.2 prior.

China August Manufacturing PMI 49.4 (exp 49.2) & Non-manufacturing 52.6 (exp 52.2).

Australian Q2 Construction work done -3.8% q/q (expected 0.9%)

New Zealand business confidence in August -47.8% vs. prior -56.7%.

Japan Preliminary July Industrial production +1.0 % m/m (expected -0.5%).

Looking ahead to the rest of the session highlights include German unemployment, EZ CPI, Canadian GDP, U.S. ADP, Chicago PMI, and comments from Fed's Bostic and Mester.

KITCO