European markets have reclaimed more ground this morning as bulls step in to lend support to equity prices after last week’s sell-off. Despite the improved mood amongst equity traders this morning mining stocks remain under pressure, with metals prices taking another hammering in early trade. Silver has dropped almost 50% from its highs in Autumn of last year, and gold bugs continue to feel the pain, with the yellow metal another $50 lower to $1225. Valuations in the space remain very reasonable relative to the broader market – Rio Tinto now trade on a forward PE of 7.5. Of course their ability to meet earnings forecasts with metals prices having fallen through the floor is questionable, but at 7.5 relative to a FTSE PE of 15, there’s a bit of room for manoeuvre.,,Standard Chartered are trading 2% higher after reaffirming full-year earnings estimates as the they seek to build on revenue momentum in Q2. Meeting forecasts would mean an 11th consecutive year of profit growth at the bank, and the board says they are in a strong capital position to target future growth. Also marked better are transport group Stagecoach who announced earnings that beat analyst estimates, though Bank of America remain cautious with potential headwinds to growth later in the year. A final GDP reading for the US at 13;30 is unlikely to see any significant deviation from prior estimates, though may drag the QE tapering debate back into the spotlight after a few blissful days of relative quiet.Crude inventories at 15:30 round off the day’s calendar with commodity prices very much in focus.CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.