Gold and silver move lower heading into the European open
London (Oct 29) Gold (-0.20%) has once again moved back below $1800/oz overnight. Silver (-0.79%) is also weaker and trades at $23.85/oz. In the rest of the commodities complex, copper lost -0.69% while spot WTI dropped -0.28%.
Risk sentiment was mixed overnight. The Nikkei 225 (0.25%) and Shanghai Composite (0.72%) closed higher while the ASX fell -1.44%. European futures are pointing towards a negative open.
In FX markets, the dollar index moved 0.12% in the black. In the crypto space, Bitcoin has started to creep back up to trade at $61,399.
Major news stories from overnight:
ECB sources stated that Lagarde's mild rates pushback reflected ECB colleagues' views.
CME lowers COMEX 500 silver futures initial margin by 8% to 11.5k per contract form 12.5k per contract.
US House Speaker Pelosi says the House vote on infrastructure will be postponed.
RBNZ Gov Orr says monetary policy easing has done as much as it can.
China's Kaisa reportedly plans to sell its property management unit, two Hong Kong sites.
China's Evergrande has reportedly made another debt payment.
France Q3 preliminary GDP +3.0% vs +2.1% q/q expected.
Australia Retail Sales for September +1.3% m/m (expected 0.2%).
Australia Private Sector Credit for September +0.6% m/m (expected 0.6%).
Australia PPI for Q3 +1.1% q/q (expected 0.3%).
Japan Industrial Production for September (preliminary) -5.4% m/m (expected -3.2%).
Japan Jobless (Unemployment) rate for September 2.8% (expected 2.8%).
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