Chinese data released overnight showed the PMI index of the world’s #2 economy falling

Chinese data released overnight showed the PMI index of the world’s #2 economy falling from 51.6 in March to 50.5 in April. This put pressure on assets across the financial landscape, particularly the precious complex as the data does not bode well for global growth prospects. Similar data out of Europe isn’t helping the cause either as German PMI fell to 48.8 in April from 50.6 in March, signaling the first pullback in private sector output since November 2012. Platinum is down roughly 1% from yesterday’s close of $1436 while palladium has retreated $10 from the previous session close. Silver is down over 1.5% and gold is down just a few dollars as strong physical demand out of Asia lends a cushion to the downside. In other PGM news, Zimbabwe is mulling over a bill that would require foreign companies to relinquish controlling stakes in locally operated companies, without being compensated for doing so. If the bill should pass it could mean prove troublesome for PGM production. Zimbabwe boasts some pretty hefty platinum deposits, second only to neighboring South Africa. New home sales data is due at 10:00 am EST while more corporate earnings will be released throughout the day. Have a great day!