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(Kitco News) – European and Asian stock markets were mostly firmer Tuesday, as the world marketplace brushed off the U.S. move Monday to end its participation in the Trans-Pacific Partnership trade group. The move by the Trump administration was widely expected. Pronouncements from the new Trump Administration are the focus of traders and investors early this week.
U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.
Gold prices are modestly weaker in early U.S. action, on a corrective pullback from recent good gains that saw prices poke to a two-month high on Monday.
In overnight news, the U.K. Supreme Court has ruled against a key Brexit package element pushed by the government of Prime Minister Theresa May.
The Euro zone Markit composite purchasing managers index (PMI) came in at
54.3 in January from 54.4 in December, it was reported Tuesday. The January reading was a bit below market expectations. A reading above 50.00 indicates growth in the sector.
The U.S. dollar index is firmer Tuesday morning. However, recent selling pressure has produced early technical clues that the dollar index has put in a market top. Dollar index prices have been trending lower for three weeks.
The other key "outside market" on Tuesday sees Nymex crude oil prices trading near steady. OPEC and Russian oil officials said Sunday they are holding to their stated plans to reduce their collective crude oil output.
However, there remains stiff technical chart resistance just above present crude oil prices.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the U.S. flash manufacturing PMI, existing home sales and the Richmond Fed business survey.
By Jim Wyckoff, contributing to Kitco News; firstname.lastname@example.org
Follow Jim Wyckoff @jimwyckoff for breaking market news.