Stocks were weaker in China, with Hong Kong stocks falling down to a fresh multi week low overnight, and the Shanghai Composite also under pressure in the wake of another round of disappointing private Chinese manufacturing readings. European equities were also weaker early this morning, with investors apparently put off by the disappointing Chinese data released overnight. While German data overnight was also discouraging that may have been partially countervailed by a surprise pick up in May UK retail sales figures. In the end, weakness in equities around the globe suggests that the US continuation of operation twist was not seen as an overly positive extension of the pattern of global central bank easing. However, strong demand at a series of EU member debt auctions overnight has served to truncate anxiety a bit. In looking ahead, the trade will see an active US scheduled report slate today with claims, Leaders and existing homes sales due out. Early estimates call for weakness in two of the scheduled US reports and an unchanged reading in the third report from the US.

After forging an initial fresh new low for the move overnight, July platinum has rebounded from the early weakness. With yet another South African platinum mine idled because of low prices and high costs, it is possible that platinum has found some support off supply side issues. It is also possible that platinum is catching some lift off news of a month over month increase in Chinese platinum imports for May, but was partially countervailed by the year-over-year decline. Like silver, platinum has probably seen its net spec and fund long positioning reduced over the last 4 sessions and that could put the market in a more supportive technical position soon. While platinum appears to be facing a deflationary slowing environment, it would appear as if the July platinum contract has found solid support at $1,450 this morning but the market could be presented with close-in resistance up at $1,466.80.