This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
(Kitco News) – World stock markets were mostly weaker overnight and U. S. stock indexes are also pointed toward modestly lower openings when the New York day session begins.
Gold prices are seeing a short-covering bounce with moderate gains Tuesday after prices hit a five-week low on Monday.
In overnight news, European Central Bank President Mario Draghi said at a conference in Portugal the ECB will not be in a hurry to wind down its accommodative monetary policy because the European Union’s collective economy is still in recovery mode. However, he also said the Eurozone economy is growing ‘above trend’ and said inflation will increase at some point down the road, which will prompt the ECB to tighten its monetary policy. Draghi’s overall upbeat comments on the Eurozone lifted the euro currency and sent European bond yields higher.
Fed Chair Janet Yellen is scheduled to make a speech in London Tuesday, where she may remark on the U. S. economy and Fed monetary policy.
This post was published at Wall Street Examiner by Jim Wyckoff ‘ June 27, 2017.