Equities push higher as gold consolidates overnight

Published date: 10/01/2020

US indices closed higher yesterday in another day of good performance. In the Asia Pac area, it was much of the same as the Nikkei 225 (0.47%) and ASX (0.80%) both pushed higher but the Shanghai Comp. closed just under flat.

In terms of the US-Iran conflict, there was once piece of news of note overnight as missiles were have said to have landed near where the US troops live in Iraq. It is not clear if there are any casualties but we may get some comments this afternoon.

Elsewhere, China's vice president Liu He is said to be heading to the US next week to sign the "phase one" trade deal and kick start the next round of negotiations.

Gold has started to consolidate now after a volatile few sessions. The price this morning is around $1550.90/oz as the precious metal trades just under flat.

Copper started the session well yesterday but ended up closing 0.35% lower. This morning the base metal is trading at $2.79/lb 0.32% higher. 

WTI is hovering just under $60/bbl and the market will be looking to see what the US President has to say about the provocative attacks from Iran. We also had some comments from IEA's Birol overnight who stated: "the oil market will be well supplied in 2020".

Today we have US non-farm payrolls, Canadian employment data and comments from BoE's Tenreyro. 


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