Chinese equity markets were mixed again overnight, with Hong Kong shares lower and mainland Chinese shares managing to post a minor gain in the face of another weekly loss. European shares were weaker with the DAX posting a somewhat noted slide overnight. The US scheduled report slate today will present monthly payroll data for June, generally expected to show a gain of roughly 100,000 jobs, which will be an improvement on the prior month's gain of only 69,000 jobs. Apparently a series of central bank easing moves this week have failed to improve macro economic sentiment around the globe and without an as expected US Non farm payroll result, the fear of slowing and deflation are likely to dominate over hope of a return to growth. While a softer than expected US Non farm payroll result will probably enhance the fear of global slowing further, that type of news could rekindle talk of US easing later.

Like the rest of the metals complex, platinum prices are tracking lower to start. In fact, October platinum prices at the lows this morning are already sitting roughly $30 an ounce below this week's high. News that Aquarius platinum was planning to limit mining activities, in an effort to limit a cash drain, should eventually be supportive of platinum prices. However, in the near term it would appear that platinum is mostly taking its direction from external macro economic signals. In other words, minor internal fundamental developments are taking a back seat to the big picture ebb and flow of the global economic outlook. To start the bear camp has the edge and it could be difficult for October platinum to avoid a near term slide down to the next support level.

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