Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Gold and silver are both hovering above flat after a tough session on Monday. In the rest of the commodities complex, copper is just under flat and spot WTI is 1.77% higher.
Risk sentiment was good overnight. The Nikkei 225 (1.10%) and ASX (0.70%) pushed higher but the Shanghai Composite fell 0.48%. Futures in Europe are indicating a positive cash open.
In FX markets, the biggest mover overnight was USD/JPY (-0.32%). In the crypto space, BTC/USD moved another 1% higher.
News from overnight:
Kremlin says would use nuclear weapons if there was a threat to the existence of the state.
The FT reported that there could be a pause in hostilities between Russia and Ukraine if Ukraine halt its push for NATO membership.
U.K. military intelligence says Mariupol remains under Ukrainian control.
Shanghai is rolling out economic support policies for firms as lockdown bites.
China financial press says PBOC is likely to cut the RRR soon.
BoJ’s Amamiya says Japan’s consumer inflation may accelerate to around 2% from April.
BoJ’s Kuroda said there is no change in BoJ’s stance that it currently has no plan to issue CBDC.
Japanese PM Kishida says has ordered a stimulus package by the end of April.
UAE energy minister says OPEC+’s mission is to stabilize the energy market.
Germany February import prices +1.3% vs +1.8% m/m expected.
Germany April GfK consumer sentiment -15.5 vs -14.0 expected.
Australian February retail sales come in above expected at +1.8% m/m.
Japan February Unemployment rate 2.7% (vs. expected 2.8%).
Looking ahead to the rest of the session highlights include comments from Fed’s Williams, Bostic, Harker, and ECB’s Kazimir.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.