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(Kitco News) – Gold (-0.34%) and Silver (-0.75%) are trading lower ahead of the European Open. In the rest of the commodity complex, spot WTI is down 4.5% and copper is down half a percent.
Risk sentiment was negative overnight as the Nikkei 225 (-0.73%), ASX (-0.20%) and Shanghai Composite (-0.44%) contributed. Futures markets in Europe are showing positive cash opening.
In the FX markets, the biggest move was AUD/USD, falling 0.44% overnight. In the crypto space, BTC/USD is up 0.22%, trading at $47,184.
News from overnight:
A Ukrainian official says peace talks will resume on April 1.
US President Biden is considering withdrawing 180 million barrels from US oil reserves.
Russia is offering India its oil at a $35 discount from the pre-war price.
Japan’s top cabinet secretary Matsuno says it is closely monitoring foreign exchange movements.
Russia’s Lavrov says Western military in Afghanistan’s neighboring countries is unacceptable.
Australia wants to impose a 35% tariff on Russian imports.
British GCHQ Spy Chief on Russia’s Ukraine War: Low Troop Morale, Incompetence, Disobedience.
UK Q4 final GDP +1.3% vs. +1.0% q/q preliminary.
UK March National house prices +1.1% vs. exp. +0.8% m/m.
Retail sales in Germany in February +0.3% vs. +0.5% m/m expected.
March PMIs for China. Manufacturing 49.5 (expected 49.9) & Services 48.4 (expected 53.2).
Japan’s preliminary industrial production in February +0.1% m/m, missing estimates.
Looking to the rest of the session highlights are German employment, US initial jobless claims, PCE data, the OPEC+ meeting, comments from ECB’s Lane, de Guindos and Fed’s Williams.
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