Equities trade softer overnight and gold sells off yet again
Indices in the US closed in the red last night and it was a similar over in the Asia Pac region. The ASX was the only index to close in the green trading just above flat, while the Nikkei 225 fell 0.84% and the Shanghai Comp. lost 0.38% of its value. Once again there were reports of another date for the US-China trade deal with the latest saying a deal would be signed in May. Elsewhere, employment change data from Australia beat expectations to print at 25.7K (exp 12k).
In the commodities markets, copper was the main story yesterday as data from China led the base metal to test $2.99/lb. Later in the session, the level was rejected and the red metal closed at $2.95/lb and this morning the bearishness continues and we start the session at $2.94/lb, 0.40% lower.
It seems that WTI also rejected highs once again even as DoE inventories produced a bigger draw than expected. WTI is trading at $63.66/bbl this morning just under flat.
Gold is having a hard time of it recently as US 10 YR Treasury yields fell overnight. The weak risk environment and softer USD still could not inspire a rally in the precious metal.
Today we are on the lookout for PMI's from around Europe, UK, Canadian & US retail sales and any comments from Fed's Bostic.