World stock markets traded lower overnight, led by weakness in China and Japan. The weakness continued in Europe, with a great deal of focus on possible solutions to the Greek debt situation. US equity markets spent most of the morning session recovering from an overnight plunge to new 5-week lows. The US Dollar is on a higher track this morning and seemed to benefit from safe-haven flows out of risk assets. A number of EU officials have made the newswires this morning, suggesting that a Greek debt restructuring may be the best solution for Euro zone. This morning's June Consumer Sentiment readings in Germany came in at the lower end of expectations. Revised Q1 GDP in Great Britain matched preliminary readings, up 0.5% on the quarter. During the US trade, the market is likely to be focused on April Durable Goods.
The platinum market is showing some strength this morning along with the rest of the metals complex. Apparently platinum has been able to discount the concerns of slowing that have been presented to the marketplace over the last two weeks, perhaps because the flight to quality tilt off the Euro zone has the attention of the market. The platinum market did see a slightly negative supply side forecast overnight from a bank analyst, but as suggested already, platinum doesn't seem to be tracking its physical market fundamentals closely. In short, platinum is apparently capable of drafting off gold and silver price action but it could still be difficult to see July platinum completely throw off a recent pattern of lower highs on the charts.
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