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(Kitco News) – There’s only one place to start. As promised, the band of Reddit traders has accumulated in the Silver ETF (SLV) and spot silver has risen a whopping 8% leading to the EU open. Gold is also trading higher, but is up only 0.80% higher. Copper is also moving in the right direction, trading 0.90% higher.
The overall risk tone was positive as Japan’s Nikkei 225 closed 1.55% higher, the Australian ASX rose 0.84% and the Shanghai Composite traded 0.64% in black.
In the FX space, the pound was the main gain, with GBP / USD gaining 0.20% along with AUD / USD (0.17%) and NZD / USD (0.19%).
in China, the market received the latest Caixin manufacturing PMI for January, which missed expectations of 52.7 to print at 51.5 (previously 53.0). Also over the weekend, the manufacturing PMI fell marginally deficit at 51.3 vs. exp 51.6 (previous 51.9) and was much the same for the non-manufacturing PMI (52.4 vs. previous 55.7). At least all of the numbers were still all in the expansion area above the central 50 area.
In Italy, Italia Viva’s Renzi is calling on Finance Minister Gualtieri to be replaced during the talks to form a new coalition with a government headed by Prime Minister Conte.
Russian protests continue to attract attention as more than 5,000 people were arrested this weekend after expressing support for opposition leader Navalny.
In the area of COVID-19, there is still a huge battle over vaccine doses as the EU has said they will ban exports of the vaccine if their agreement with AstraZeneca is not honored. AstraZeneca said it will deliver an additional 9 million doses to the EU in the first quarter.
A group of Republican senators (10) have written to new president Joe Biden with an alternative proposal to the pandemic stimulus, claiming they will receive bipartisan support.
Ahead of the remainder of the session, highlights include major countries’ manufacturing PMIs, US construction spending and EU unemployment rates.
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