Gold (-013%) and silver (-0.25%) are both trading lower ahead of the European open. This comes after both precious metals posted days on Tuesday’s session. Elsewhere in the commodities complex, copper is 0.42% lower and spot WTI is 0.25% in the black.
Stocks traded well overnight as the Nikkei 225 (1.04%), ASX (0.36%), and Shanghai Composite (0.39%) all closed positive. Futures in Europe are pointing towards a positive cash open.
In FX markets, USD/JPY (0.39%) has broken through 133.0 and the last time it traded there was April 2002. the dollar index is up 0.15% overnight. In the crypto space, BTC/USD is 2.29% lower trading just above $30k.
News from overnight:
The RBI hiked 50bps to 4.90% and dropped the mention of staying accommodative.
U.S. Treasury Secretary Yellen told senators that she expected inflation to remain high.
BoJ’s Kuroda: Important for the exchange rate to move stably reflecting fundamentals.
China’s vice commerce minister says foreign trade faces uncertainties and huge pressure.
Italian PM Draghi says no to a Chinese firm technology transfer deal with a robotics company.
China press reporting good news on Beijing coronavirus but not so much for Shanghai.
German April industrial output +0.7% vs +1.0% m/m expected.
U.K. May Halifax house prices +1.0% v +1.1% m/m prior.
Switzerland May seasonally adjusted unemployment rate 2.2% vs 2.2% expected.
Japan revised Q1 GDP -0.1% q/q (prelim -0.2%, prior +1.1%).
Looking ahead to the rest of the session highlights include EZ unemployment and EZ GDP.