Gold is trading flat ahead of the European open
LONDON (Mar 3) Gold is trading flat leading into the European open at $1928.50/oz. Silver is 0.38% higher at $25.38/oz after recovering from yesterday's lows. In the rest of the commodities complex, copper is 2% higher and spot WTI has risen another 4.25%.
Risk sentiment overnight was mixed. The Nikkei 225 (0.70%) and ASX (0.49%) closed higher while the Shanghai Composite fell 0.09%. Futures in Europe are pointing towards a negative open.
In FX markets, the biggest mover overnight was AUD/USD. The pair rose 0.32% as most of the other majors lost ground against the greenback. In the crypto space, BTC/USD fell 1.02%.
News from overnight:
U.K. intelligence maintains that Russia's advance on Kyiv has made little discernible progress.
BoJ's Nakagawa: Direct impact on Japan economy from Russia, Ukraine trade limited for now.
Biden administration is "looking at ways" to cut US consumption of Russian oil.
Biden says Russia is responsible for human rights abuses.
Russia may impose martial law after an emergency meeting called for Friday.
Reports that Finland and Sweden have received notices from Russia re not joining NATO.
Reports that the US has delivered hundreds of Stinger surface-to-air missiles to Ukraine
Fed's Logan says the impacts of the Ukraine war will take time to become clear
The Biden administration is looking at applying sanctions on India.
BoJ's Nakagawa says the impact of supply constraints appeared to have peaked.
Taiwan says a Chinese navy ship has been sighted on Lanyu Island.
India considering rupee-ruble bilateral trade between Russia and India to bypass sanctions.
China February services PMI 50.2 (expected 50.7 prior 51.4).
Australian trade data for January: exports +8% m/m while imports -2% m/m.
Japan February services PMI 44.2 (prior 42.7).
New Zealand ANZ Commodity Price index for February: +3.9% m/m (prior +1%).
Australian February services PMI 57.4 (January was 46.6).
Australian construction PMI 53.4 in February (prior 45.9).
Looking ahead to the rest of the session highlights include Russia/Ukraine talks, ECB minutes, EZ/U.K./U.S. composite and services PMIs, U.S. factory orders, EZ unemployment, comments from Fed's Powell, and Williams.
KITCO
