Gold and silver trade just above flat leading into the European open

London (Feb 9)  Gold and silver are both trading just above flat leading into the European open. In the rest of the commodities complex, copper (-0.90%) and spot WTI (-0.61%) struggled overnight. 

Risk sentiment in the Asia Pac area was firm after a positive close on Wall Street. The Nikkei 225 (1.08%), ASX (1.14%) and Shanghai Composite (0.79%) all closed higher. Futures markets in Europe are indicating a positive cash open. 

FX markets were very quiet overnight. The biggest mover was GBP/USD which rose only 0.08%. In the crypto space, BTC/USD is trading 1% lower at $43,584 following three straight sessions of positive price action. 

Headlines from overnight: 

China says it will take action to ensure the stability of iron ore prices.

Fed's Daly says in favour of a March rate hike.

ECB's Villeroy says the market's reaction to the ECB has been too strong.

Chinese Communist Party says China should prevent the “barbaric growth of capital”.

China has eased its cap on loans for the real estate sector to fund public rental housing.

BoJ's Nakamura says the BoJ must patiently maintain current easing policy until wages rise substantially. He also said the Japanese economy is showing clear signs of improvement.

Japan to hike gasoline subsidy to ¥5 a litre for the week, up from ¥3.7 a litre.

JP Morgan assesses Bitcoin's fair value' around US$38,000.

Germany's December trade balance €6.8 billion vs €10.9 billion prior.

Australia Westpac Consumer Confidence Index for February -1.3% m/m (vs. prior -2%).

Looking ahead to the rest of the session highlights include speeches from Fed's Bowman, Fed's Mester, and BoE's Pill. Earnings also continue. 

KitcoNews