Gold and silver move lower heading into the European open

London (Jan 31)  Gold (-0.24%) and silver (-0.57%) suffered a tough start to the trading week. In the rest of the commodities complex, copper (-0.50%) is also trading lower but spot WTI bucked the trend to move 0.77% higher overnight. 

With Chinese markets closed for Golden Week volume was slightly lower in equities markets, The ASX (-0.24%) and Nikkei 225 (1.07%) were mixed overnight as the Australian stocks were hit by lower metals prices. Futures in Europe are pointing towards a positive open.

FX markets had a decent session. AUD/USD rose 0.73% while NZD/USD was a close second rising 0.47%. USD/JPY also pushed higher rising 0.26% overnight. In the crypto space, Bitcoin dipped again falling 1.94% to reach $37,167. 

News from the weekend and overnight:

China's manufacturing survey falls to the worst level since the peak of the pandemic.

Fed's Bostic says he would be willing to lean into a 50 basis point hike if data supports it.

Japan PM: We are not currently considering issuing a state of emergency regarding covid.

BoC's Macklem pushes back on suggestions he's not tough enough on inflation.

Italian President MAttarella was formally re-elected to serve a second term.

Portugal PM Costa on track for another election win, possible majority.

Japan December retail sales +1.4% y/y vs +2.7% expected.

Japan December construction orders +4.8% y/y vs +10.1% expected.

Japan December industrial output -1.0% m/m vs -0.8% expected.

Japan December housing starts +4.2% vs +7.1% expected.

Japan January consumer confidence 36.7 vs 39.1 prior.

Australian December private sector credit +0.8% vs +0.9% prior.

Australia monthly inflation gauge for January: +0.4% % m/m vs 0.2% prior.

Looking ahead to the rest of the session highlights include German CPI (including regional), EZ GDP, peaches from Fed's Daly and George and earnings continue. 

KitcoNews