With the exception of the Australian equity market, Asian equities were all higher overnight off China's latest attempt (a RRR reduction) to stir their economy. European shares were also higher overnight off ideas that the ECB might be poised to reduce interest rates Thursday in an attempt to cushion the European economy against an ongoing wave of softening global activity. Overnight Euro zone May PPI showed a rather surprising decline of 0.5% and for some that stokes fears of a deflationary spiral. The US scheduled report slate today will present a US Factory orders report, US auto sales figures and a New York ISM Business Index reading. The trade expects a minimal gain in auto sales and also from the Factory orders data but those reports aren't likely to markedly improve overall sentiment.
The platinum market has ranged up overnight reaching the highest level since June 20th. Unfortunately platinum prices have mounted the recent run up in the face of a slight decline in volume and open interest, but that action might be the result of a pre-holiday trade in the US. Also could be the result of investors simply holding back recently because of the ongoing uncertainty flowing from the Euro zone. With the upside extension overnight, October platinum might not have much in the way of resistance on the charts until the $1,482.60 level, with support now moving up to $1,471.50. As long as hopes of easing more than offset evidence of slowing, the bull camp looks to retain an edge.