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(Kitco News) – World stock markets were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins, after a rare sell off that occurred on Monday. Global equities traders are focused on corporate earnings reports this week.
Gold prices are slightly lower in pre-U.S.-session trading. The bears have some technical momentum on their side early this week. There have not been any flare-ups on the geopolitical front the past couple weeks, and that is also working against the safe-haven metal.
In overnight news, the Euro zone Markit purchasing managers' survey (PMI) came in at 55.9 in October versus 56.7 in September. A reading above 50.0 signals growth in the sector. The October decline from September was more than expected and this report falls into the camp of the European Central Bank doves, who want to see the ECB hold off on tightening its monetary policy.
The U.S. dollar is slightly lower in early U.S. trading Tuesday. The other key "outside market finds Nymex crude oil futures prices firmer and trading above $52.00 a barrel. Crude oil bulls have the slight overall near-term technical advantage.
This week the European Central Bank holds its regular monetary policy meeting on Thursday. Many expect the ECB to announce more details on the winding down of its bond-buying program.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the U.S. flash services PMI, the U.S. flash manufacturing PMI, and the Richmond Fed business activity survey.
By Jim Wyckoff, contributing to Kitco News; firstname.lastname@example.org