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(Kitco News) – World stock markets were mixed overnight, with European shares little changed and the Chinese stock markets solidly lower. Chinese finance officials said at a big financial meeting over the weekend they will crack down hard on excessive debt and speculation by Chinese citizens. That rattled small-cap stocks in China. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
Gold prices are firmer in pre-U.S. market trading Monday, on follow-through buying strength from Friday's good gains that saw the market post a technically bullish weekly high close, which suggests a near-term price bottom is in place.
In other China news, the world's second-largest economy showed second-quarter gross domestic product growth of 6.9% from the same time last year, which was slightly above market expectations and above the official China government projections for 2017 growth.
The Euro zone on Monday reported its consumer price index in June was unchanged from May and up 1.3%, year-on-year. Those numbers were right in line with market expectations.
The "outside markets" on Monday morning see Nymex crude oil futures slightly up and trading above $46.50 a barrel. The oil market bulls had a good week last week, including a technically bullish weekly high close in Nymex crude oil last Friday that suggests a market bottom is in place.
Meantime, the U.S. dollar index is near steady early today and did hit a 10-month low overnight. The greenback bears have the solid overall near-term technical advantage amid a price downtrend that has been in place all year long.
U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey.