Asia: Gold, USD, Crude Oil, Stocks & Commodities


FLASH: Gold Up, USD Flat, Crude Oil Up, Stocks Off

Notes: China will release May industrial production along with retail sales and investment numbers at 0700 GMT, analysts expect any improvement from April’s downbeat readings will be mostly marginal.

Economists polled by Reuters expect industrial production in China to have risen 5.5% in May from 5.4% in April and believe retail sales increased 8.1% from 7.2% the prior month.

Even if the data is better than forecast, expectations of more stimulus in China are growing as the US-Sino trade dispute threatens to escalate into a full-blown trade war that could push the global economy into recession.

In Asia

Gold: Gold prices rose Friday, moving closer to their 14-month high hit last week, as trade and political turmoil, along with US interest rate cut expectations bolster up the precious Yellow metal.

  • Spot gold was up 0.3% at $1,345.28 oz, as of 0504 GMT, after hitting a session high of $1,347.81, less than $1 away from its 14-month peak of $1,348.08 tapped last week,
  • US gold futures rose 0.4% to $1,348.60 oz.

Among other precious metals, silver gained 0.3% to $14.94 and platinum rose 0.7% to $813.35.

Energy: ICE Brent Crude Oil spiked Thursday after 2 Crude Oil tankers were attacked in the Gulf of Oman, 1 Norwegian-owned and the other Japanese-owned.

The United States has blamed Iran for the assaults. But US and European security officials as well as regional analysts left open the possibility that Iranian proxies, or someone else entirely, might have been responsible.

  • ICE Brent Crude Oil futures rose 0.6% to $61.69 bbl after rallying 2.3% Thursday,
  • NYMEX WTI Crude Oil gained 0.35% to $52.46 bll after rising more than 2% Thursday.

Equities: Asian stocks declined Friday ahead of Key Chinese data that could provide more clues on how heavily the US-Sino trade dispute is weighing on the economy, while Crude Oil prices were supported by supply concerns after attacks on 2 tankers in the Gulf of Oman.

European shares looked to set open higher following overnight Wall Street gains. Pan-region Euro Stoxx 50 futures were up 0.09%, German DAX futures edged up 0.1% and Britain’s FTSE futures added 0.18%.

MSCI’s broadest index of Asia-Pacific shares sans Japan edged down 0.3%.

On the week, it was headed for a gainer of 0.9%, as global stock markets were lifted by factors including expectations for Fed rate cuts and relief over a US-Mexico immigration deal that averted damaging tariffs.

US stocks rose Thursday after a 2 day pause to refresh, with energy shares rebounding on the back of Crude Oil’s spike.

Currencies: .DXY Vs a basket of 6 peer currencies was little changed at 97.074 after ending Thursday day flat, with caution ahead of the next week’s Fed meeting keeping the Buck in a tight range.

EUR was steady at $1.1273 while USD is down 0.05% Vs 108.345 JPY.

AUD extended overnight losses and fell to a 3-week low of $0.6892.

The Aussie has lost 1.4% on the week, during which soft domestic labor data added to expectations of a rate cut by the Reserve Bank of Australia (RBA).

Commodities (quotes): Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »52.33 USD+0.05+0.10%Jun 192:24AM EDT
ICE Brent Crude »61.61 USD+0.30+0.49%Jun 192:24AM EDT
NYMEX RBOB Gasoline »1.73 USD+0.01+0.36%Jun 192:24AM EDT
Dubai Crude Spot »59.22 USD+0.21+0.35%Dec 022:34AM EDT
ICE Gas Oil »559.50 USD+1.50+0.27%Jul 192:25AM EDT
NYMEX No2 Heating Oil »1.82 USD+0.01+0.48%Jun 192:25AM EDT
NYMEX Nat Gas »2.33 USD+0.01+0.26%Jun 192:25AM EDT
ICE NBP Nat Gas »28.51 GBP+0.000.00%Jun 1911:59AM EDT
Gold Spot »1,352.01USD+10.06+0.74%Dec 022:30AM EDT
COMEX 100oz Gold »1,350.00USD+10.80+0.80%Jun 192:24AM EDT
Silver Spot »14.98USD+0.08+0.56%Dec 022:30AM EDT
Platinum Spot »812.50USD+5.00+0.62%Dec 022:28AM EDT
Palladium Spot »1,446.50USD+2.00+0.14%Dec 022:28AM EDT
COMEX Copper »2.66USD+0.000.00%Jun 197:01PM EDT
CBOT Corn »443.00USC+1.00+0.23%Jul 192:26AM EDT
CBOT Wheat »534.00USC-1.50-0.28%Jul 192:26AM EDT
KCBT Wheat »469.75USC+1.50+0.32%Jul 192:25AM EDT
MGE Spring Wheat »565.75USC-0.50-0.09%Jul 192:25AM EDT
Euronext Milling Wheat »178.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »886.75USC-1.25-0.14%Jul 192:26AM EDT

Have a terrific weekend