European Open: fear of a new variant of COVID seizes the feeling of risk
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(Kitco News) – Gold is trading 0.80% higher overnight after fears of a new variant of COVID-19 take hold of the markets. Silver is also trading 0.29% higher at $ 23.64 / oz. In the rest of the commodity complex, copper fell -1.50% and WTI spot fell -3.62%.
The risk sentiment in the Asia-Pac zone was very low. The Nikkei 225 (-2.53%), ASX (-1.73%) and Shanghai Composite (-0.56%) all fell sharply overnight. Futures contracts in Europe also indicate a significant drop in open cash.
In the foreign exchange markets, there have been big movements. AUD / USD fell -0.84% and USD / JPY also fell roughly the same amount. In the crypto space, BTC / USD also fell nearly -3%.
News of the night:
There is a new variant of covid that is said to be called Nu because the WHO is holding a special meeting to discuss its implications.
RBNZ Hawkesby: We have to tackle the pressures on domestic prices.
Japan is said to be tightening its borders with South Africa, five other countries on the new variant of COVID-19.
Angela Merkel spoke of the prospect of new European sanctions if tensions with Russia and Belarus do not subside.
Germany October import price index + 3.8% vs. + 2.1% m / m expected.
Australia Retail sales in October + 4.9% vs. 2.5% expected.
Tokyo CPI Global CPI + 0.5% year-on-year vs. + 0.1% previously.
Looking ahead to the highlights of today’s session include EZ Money Supply, ECB Lagarde Comments, Schnabel, Panetta and the BoE Pill.
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