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August PCE inflation rose 0.3% month-on-month and 3.4% year-on-year, below expectations. Core PCE rose 0.2% monthly and 3.3% annually, also cooler than predicted. Second-quarter GDP was revised up to a 2.2% annualized rate, while September private sector jobs added by ADP surged to 90,000, exceeding forecasts.
The Day Ahead preview flags expected US PCE inflation, second-quarter GDP, ADP payrolls and the advance goods trade balance. It also lists remarks from several Federal Reserve officials and upcoming earnings from Micron Technology and Conagra Brands.
Spot gold was little changed at $4,123.29 an ounce after hitting its lowest since Aug. 5. US gold futures fell 0.3% to $4,155.50.
Silver fell more than 2% to below $65 an ounce Tuesday, pressured by higher US Treasury yields. Investors look to Wednesday’s ADP employment report and Friday’s nonfarm payrolls for Fed-policy signals.
Gold prices fell more than 1% to around $4,375 an ounce Tuesday, pressured by elevated US Treasury yields. Traders look to US labor-market data for clues on the Fed’s path, with rate-hike odds near-term.
***General Trend and Developments*** -Overall Asian equities are again directionless ahead of the upcoming US-related events. Cautious start to the new quarter? - Disappointing PMIs seen throughout Asia [including China, Indonesia, Japan, South Korea, Taiwan, Vietnam]. The Chinese data was hurt by new export orders. -S
US market experiences rotation away from tech as weakness in mega-cap tech widens, with semiconductors declining 7% and NASDAQ opening down 3%.
The US ADP preliminary employment change data is expected to be released at 08:15 ET