Yesterday the precious metals were more buoyant, the complex closed up 0.8 percent with palladium doing a lot of the lifting, it was up 1.9 percent, closing above $800 at $806 and silver climbed 0.9 percent in price to $16.53.
Precious metals are up an average of 0.5 percent and are fairly evenly grouped with the gold price and palladium price up 0.4 percent, at $1,210.40 and $809.60 respectively, platinum is up 0.5 percent and silver is up 0.7 percent.
Precious metals were little changed with the gold price at Rmb 244.05/g and silver at Rmb 3,571/kg.
Equities – consolidated yesterday with the Euro Stoxx 50 off 0.2 percent and the Dow up 0.1 percent, but the mood is Asia is more upbeat with the Nikkei up 1.1 percent, the Hang Seng is up 0.9 percent, the CSI 300 is up 1.7 percent and the Kospi is up 0.1 percent. Hopes for further monetary easing in China helped underpin equities and firmer oil prices were a double edged sword in that it showed some optimism for demand, while at the same time reducing the benefit lower oil prices have on the wider economy.
Currencies – the dollar is easier with the index at 94.20, the euro is firmer at 1.1364, sterling is strong at 1.5540 and seems to have embarked on a steady uptrend, the yen is flat at 118.96, the aussie if off yesterday’s highs, last at 0.7852, the yuan is weak at 6.2600, while the rouble is liking the firmer oil, last at 61.16. The rand is also firmer at 11.43 – the weaker rand has been offsetting weak platinum prices for local producers.
The data agenda is busy with German GfK consumer climate and unemployment change, EU money supply and private loans, Italian retail sales, UK GDP, business investment and index of services, US CPI, initial jobless claims, durable goods orders, HPI and natural gas storage. In addition, UK’s MPC member Dr Nemat Shafik and FOMC member Dennis Lockhart are speaking – see table below for more details.
Precious metals across the board are firmer with gold, silver and platinum attempting to rebound, while palladium has cleared resistance at $800 and is striding out towards resistance at $823. If gold has put a base in, having fallen $117 from the January high, any rally might have legs.
|Average (BM ex-Steel)||0.4%||4,872|
|SHFE 06:16 GMT||Today||Change||% Change|
|Average change (base metals)||0.1%|
|7:00am||Germany||GfK German Consumer Climate||9.6||9.3|
|8:55am||Germany||German Unemployment Change||-10K||-9K|
|9:00am||EU||M3 Money Supply y/y||3.7%||3.6%|
|9:00am||EU||Private Loans y/y||-0.3%||-0.5%|
|9:00am||Italian||Italian Retail Sales m/m||0.0%||0.1%|
|9:30am||UK||Second Estimate GDP q/q||0.5%||0.5%|
|9:30am||UK||Prelim Business Investment q/q||2.0%||-1.4%|
|9:30am||UK||Index of Services 3m/3m||0.7%||0.8%|
|Tentative||Italy||Italian 10-y Bond Auction||1.62|1.4|
|1:30pm||US||Core CPI m/m||0.1%||0.0%|
|1:30pm||US||Core Durable Goods Orders m/m||0.6%||-0.8%|
|1:30pm||US||Durable Goods Orders m/m||1.7%||-3.3%|
|3:30pm||US||Natural Gas Storage||-241B||-111B|
|5:30pm||UK||MPC Member Shafik Speaks|
|6:00pm||US||FOMC Member Lockhart Speaks|