This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Reposted with permission.
(Kitco News) – World stock markets were mixed overnight. U. S. stock indexes are pointed toward mixed openings when the New York day session begins. Many U. S. traders are just now returning from a long holiday weekend. Gold prices are trading near steady after hitting a nearly four-month low overnight. The bears have technical momentum as gold prices are in a four-week-old downtrend on the daily bar chart.
The world geopolitical scene has heated up again, but safe-haven gold is not reacting much, at least not yet. North Korea says it has an intercontinental ballistic missile that the regime says can reach anywhere in the world. This has riled the U. S. and other Western nations. The Trump administration wants to take a hardline against the North Koreans, but its options are very limited.
In other overnight news, the Eurozone got some upbeat economic data. Retail sales were up 0.4% in May from April, and were up 2.6%, year-on-year. These numbers were better than market expectations. Meantime, the Eurozone Markit composite purchasing managers index (PMI) came in at 56.3 in June, which was slightly down from the May reading but still above market expectations.
This post was published at Wall Street Examiner on July 5, 2017.
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