Gold and silver have moved lower ahead of the European open

LONDON (July 15)  Gold (-0.40%) and silver (-0.80%) are both trading lower ahead of the European open. In the rest of the commodities complex, copper (-2.34%) and spot WTI (-0.41%) are trading in the red as sentiment is still weak. 

Equities in the Asia Pac area were mixed as the Nikkei 225 closed 0.54% higher but the Shanghai Composite (-1.20%) and ASX (-0.68%) both struggled. Index futures in Europe are pointing towards a soft cash open.

FX markets were flat overnight with the exception of AUD/USD which fell 0.35%. In the crypto space, bitcoin is trading at $20,624.

News from overnight:

Fed's Bullard and Waller are both leaning to +75bp and away from +100bp in July. Waller said the markets got ahead of themselves pricing in 100bps. 

Italy's President Draghi rejects resignation calls. 

China's foreign minister says willing to recalibrate relations with Australia.

Rumour of China reversing its ban on Australian coal.

Canada's Finance Minister says Russia's war on Ukraine is the biggest threat to the global economy now.

China statistics authority says downward pressure on the economy increased substantially in Q2.

U.S. President Biden will meet with Saudi Prince Friday.

China Q2 GDP -2.6% q/q (vs. expected -1.5%).

New Zealand Manufacturing PMI for June: 49.7 (vs. prior 52.9).

Looking ahead to the rest of the session highlights include U.S. retail sales, NY Fed manufacturing data, University of Michigan data, and comments from Fed's Bostic and ECB's Rhen. Earnings also continue.

KITCO