While equity markets in Asia and Europe were generally higher during overnight trading, early indications are that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning, although posting a loss versus the Australian Dollar. US Treasury Secretary Geithner will hold talks with Euro zone finance minister early today to propose leveraging their debt bailout fund to increase its effectiveness. The Euro zone Trade surplus during July was 4.3 billion Euros, higher than expectations. Major US economic numbers to be released this morning include the Treasury's report on International Capital Flows at 8:00 AM, and a private survey of US Consumer Sentiment just before 9:00 AM.

The platinum market initially managed a fresh new low for the move but surprisingly the trade has clearly reversed that early downward track with a bounce back above the even number price zone of $1,800. While it is possible that platinum is deriving some fresh lift from news of a minor production setback at an Australian platinum mine, the more likely source of the recovery effort could be ideas that platinum stands to benefit from a return to a risk-on environment. It is also possible that some traders see platinum as a better precious metals play than gold going forward, as platinum hasn't been a widely attended trade like the gold trade. The bulls are also suggesting that platinum clearly has a tighter physical supply and demand setup than gold and that platinum prices could be lifted by financial safe haven views and also by physical demand news in the event that the outlook for the global economy improves in the wake of recent EU maneuvering. For the bull camp, it might not be a good thing for October platinum prices this morning to fall back below $1,800.