(Kitco News) - World stock markets were mostly weaker in overnight trading, on some profit taking and corrective technical pullbacks from recent gains. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. U.S. stock indexes this week have hit record highs.
Gold prices are posting decent gains in pre-U.S. trading Wednesday, on some short covering in the futures market and bargain hunting in the cash market, following recent selling pressure that drove prices to a seven-week low on Tuesday.
The Global markets are so far not paying much attention to the surprise move by U.S. President Donald Trump to fire FBI Director James Comey Tuesday afternoon.
In overnight news, China's consumer price index in April was up 1.2%, year-on-year, versus a reading of up 0.9% in March. The April number was slightly higher than market expectations. China's April producer price index was up 6.4% versus up 7.6% in March. The April PPI was slightly below forecasts.
The key outside markets early Wednesday see the U.S. dollar index trading slightly lower following a couple days of good gains. The greenback bears have the overall near-term technical advantage. Nymex crude oil futures are higher early Wednesday, on short covering following recent downside price action. Oil bears remain in firm near-term technical control.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, import and export prices, the monthly Treasury budget statement and the weekly DOE liquid energy stocks report.
By Jim Wyckoff, contributing to Kitco News; [email protected]
Follow Jim Wyckoff @jimwyckoff for breaking news.