Gold and silver move higher ahead of the European open

London (Feb 16)  After a retracement on Tuesday gold is trading 0.13% higher ahead of the European open. Silver is trading 0.39% higher at $23.43/oz. In the rest of the commodities complex, copper has moved nearly half a percent higher and spot WTI is 0.36% in the black. 

Indices traded higher overnight as risk sentiment shifted positively. The Nikkei 225 (2.22%), ASX (1.08%), and Shanghai Composite (0.57%) all traded higher. Futures in Europe are pointing towards a positive open. 

FX markets were pretty sideways the biggest mover was AUD/USD which rose 0.30%. In the crypto space, BTC/USD fell 1% to trade at $44,110.

News from overnight:

ECB's Schnabel says she sees an argument for ending asset purchases.

U.K. defense minister says have not seen any evidence of Russian withdrawal.

Russia announces the end of military drills in Crimea, showing troops leaving.

PBOC Governor says expects economic growth to return to potential in 2022.

Construction of TSMC's first advanced US chip plant is 3 to 6 months behind schedule.

Japan finance minister Suzuki says the yen moves partially behind price rises.

Australian Treasury Sec Kennedy says fiscal policy support out of Covid has to be tapered.

White House & Congressional Democrats are considering suspending federal gas tax.

The U.K. January CPI +5.5% vs +5.4% y/y expected.

Japan Tertiary Industry Index for December 2021 0.4% m/m (expected 0.5%).

Japan inflation expectations survey hits just under 2.5%, its highest ever.

China January CPI 0.9% y/y (vs. expected 1.0%) and PPI 9.1% y/y (vs. expected 9.5%).

Looking at the rest of the session highlights include EZ industrial production, U.S. retail sales, FOMC minutes, comments from Fed's Kashkari, Canadian CPI, and earnings from Barrick Gold.

Kitco