Gold has moved higher ahead of the European open

LONDON (Apr 22)  Gold and silver are mixed this morning. The yellow metal is trading 0.13% higher at $1953/oz and silver has fallen 0.46% to trade at $25.52/oz. In the rest of the commodities complex, copper is 0.22% higher and spot WTI has fallen 1.62%. 

Stocks moved lower overnight as the Nikkei 225 (-1.63%) and ASX (-0.57%) both fell the Shanghai Composite managed to move 0.15% higher. Futures in Europe are indicating a negative open.

In FX markets, both AUD/USD and NZD/USD fell 0.63% overnight. In the crypto space, BTC/USD is half a percent higher at $40,678.

News from overnight:

Ukrainian President Zelensky said that Russia rejected an offer for an Easter truce. 

BoC Gov Macklem says will not rule anything out in regards to interest rate hikes.

Shanghai authorities say the COVID-19 lockdown will be lifted in stages once zero is reached.

PBOC Governor says will provide more support for the real economy.

Emmanuel Macron is closer to winning another term as leader of France.

The Bank of Japan meets next week and is expected to upgrade its inflation forecasts.

U.S. sounded like it will consider the idea of joint FX intervention with Japan.

US Treasury Secretary Yellen said some further proposed sanctions on Russia were difficult to enact.

U.K. March retail sales -1.4% vs -0.3% m/m expected.

Japan preliminary PMIs April: Manufacturing 53.4 (prior 54.1).

Japan inflation March Headline inflation +1.2% y/y (expected 1.3%).

Australia preliminary PMI April: Manufacturing 57.9 (prior 57.7) Services 56.6 (55.6).

Looking ahead to the rest of the session highlights include flash PMIs from the EU, U.K. & the U.S., Canadian retail sales, and more comments from ECB's Lagarde.

KITCO