Gold and silver are flat leading into the European open
(Kitco News) - Gold and silver are flat leading into the European open at the start of the week. The yellow metal is trading at $1765/oz while silver is holding at around $23.27/oz. Copper has had another good session rising 1.57% while spot WTI moved nearly 1% into the black.
In terms of risk sentiment, the Nikkei 225 closed 0.20% lower while the ASX (0.40%) pushed higher overnight. The Shanghai Composite (-0.22%) also struggled after the disappointing GDP data.
In FX markets, the dollar index rose 0.20% and the biggest mover overnight was USD/CHF which pushed nearly 0.40% higher. In the crypto space, BTC/USD is firmly trading above $60k and sits at $62,224 leading into the start of the trading week.
The Chinese National Bureau of Statistics sai they are seeking to ensure the annual economic targets are reached.
Japan PM Kishida says there is no plan to change the sales tax.
New Zealand PM Ardern says Auckland alert level 3 is to be extended by two weeks.
BoE Gov Bailey said despite inflation being temporary will act if a risk to medium-term inflation & expectations.
ECB President Lagarde says that the current rise in inflation is largely transitory.
ECB’s Knot says the current inflation rise is mostly temporary.
PBOC Gov says default risks are a challenge, authorities monitoring "so they do not become systematic risks".
RBNZ measure of core inflation hit 2.7% y/y.
Chinese September Industrial production 3.1% y/y (expected 4.5%).
China Q3 GDP +0.2% q/q (expected +0.5%). Y/Y/ 4.9% vs 5.3% expected.
U.K. Rightmove House Prices for October +1.8% m/m (prior 0.3%).
New Zealand Q3 CPI 2.2% q/q (vs. expected 1.4% q/q).
New Zealand services PMI for September 46.9 (prior 35.6).
Looking ahead to the rest of the session highlights include U.S. industrial production and comments from BoC's Lane.
By Rajan DhallFor Kitco News
Follow rajfx10
rdhall@kitco.comwww.kitco.com