US S&P 500 futures and EU markets are trading sharply higher this morning after a better than expected car sales report in china sent EU markets higher by nearly 3% this morning, led by automakers BMW and Daimler. Asian markets traded higher as well other than a minor pullback in the CSI 300 overnight. FX markets are trading mostly a flat session, the dollar index is marginally lower versus majors and trades at 93.23 this morning, down 0.35%. Gold and Silver are suffering the first big selloff day since reaching 2020 highs and all-time highs last week, Gold is trading down bellow the $2,000 level, at $1,960 per ounce, down 3% while Silver prices are crashing 7% and trading at $27 per ounce as investors are taking profits and moving into global equity markets. Oil prices are higher for the second day in a row on investors optimism, trading at $42.66 per barrel this morning on expectations of a soon to be approved US stimulus plan and demand recovery in Asia, that’s ahead of the Inventories report, tomorrow morning US time.
There is no important news on the agenda Tuesday, (all times EST).
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BMW and Daimler shares are sharply higher this morning after a better than expected China car sales report.
Investors trimmed their Gold position sharply overnight and the GLD ETF as well as spot prices dropped from 2020 record levels.
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