Gold and silver are trading lower ahead of the European open

LONDON (Apr 21)  After recovering slightly during Wednesday's session gold (-0.27%) and silver (-0.46%) are trading lower ahead of the European open. In the rest of the commodities complex, copper is half a percent down while spot WTI is 1% in the black. 

Once again equities were mixed overnight. The ASX (0.31%) and Nikkei 225 (1.23%) rose again while the Shanghai Composite fell 2.04%. Futures in Europe are indicating a positive open. 

In FX markets, EUR/USD rose 0.41% as was the biggest mover overnight. BTC/USD is also trading half a percent higher. 

News from overnight:

ECB’S Wunsch says policy rates could turn positive this year.

Japan's ruling parties set to agree on an extra budget to fund more fiscal measures.

BoJ Gov Kuroda says it is desirable for forex rates to move stably, reflecting fundamentals.

Chinese President Xi says cutting off supply & pressure tactics by any country won't work.

Chinese President Xi says the global economic recovery is fragile and weak.

China's imports of oil from Russia dropped 14.1%y/y in March. 

China more than doubled imports of steel-making coal from Russia in March.

RBNZ core inflation measure for Q1 +4.2% y/y (prior 3.2%).

New Zealand Q1 CPI +6.9% y/y (expected +7.1%).

Looking ahead to the rest of the session highlights include EZ CPI, U.S. initial jobless claims, EZ consumer confidence, comments from ECB's Lagarde, Fed's Powell, BoE's Baliey and Mann.

KITCO