Trump and Kim Have Their Long-Awaited Showdown
Bourses in the US ticked up slightly as the market remains tentative ahead of key risk events. Asian markets followed suit and showed slightly more conviction as the Nikkei jumped 0.42%, ASX 0.15% and the Shanghai Comp. 0.85%. Elsewhere in geopolitical news comments out of Singapore where Trump and Kim are having their long-awaited showdown seem to be positive, apparently, they have a 'very special bond'.
On the balance commodities traded 50/50 overnight, base metals have traded well with aluminium up 0.40%. Copper has also performed well after bouncing off the $3.22/lb support level, but the WSJ has reported that talks at Escondida are progressing so we may see a pullback once we get some more clarity.
As risk sentiment improves gold as retreated, the yellow metal is trading 0.27% lower this morning as the market awaited any news from Singapore. Remember this week is also important for central banks (Fed, BoJ & ECB) so all is not lost.
Spot WTI is kicking on this morning as more talk comes out of OPEC on a daily basis. This time Iraq have said they are willing to follow a directive from OPEC but are ready to freeze and event raise output. Tonight we see the latest API figures and more importantly at around 12:20pm the OPEC monthly report....