Silver is trading higher ahead of the European open

LONDON (June 3)  Gold is trading 0.11% lower at $1866/oz ahead of the European open. Silver however is 0.18% higher at $22.32/oz. In the rest of the commodities complex, copper (-0.25%) and spot WTI (-0.50%) are both trading lower.

In stock markets, the Nikkei 225 (1.27%) and ASX (0.88%) both rose off the back of the stellar performance in the U.S. indices. European index futures are pointing to a positive cash open. 

In FX markets, there was not much movement overnight. The dollar index has fallen 0.02%. In the crypto space, BTC/USD is back above $30k and is trading 0.15% higher this morning. 

News from overnight:

Fed's Mester said that ongoing rate increases are needed including 50bps rate hikes at the next two meetings.

The U.S. is seeking a strategic realignment with China on trade.

U.S. Special Envoy to North Korea Sung Kim says North Korea is preparing for a nuclear test.

Japan's chief cabinet secretary Matsuno welcomes OPEC's decision to boost oil output.

The White House says it is not looking for a blockbuster jobs number every month.

Japan May services PMI 52.6 (prior 50.7).

Australian May Services PMI 53.2 (prior 53) & Composite 52.9 (prior 52.5).

Australia's construction PMI for May 50.4, dropping from 55.9 in April.

NZ building work data for Q1 +3.2% q/q (vs. expected +0.5%).

China was off overnight due to a public holiday.

KITCO