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

$GLD, $SLV, $USO, $OIL, $CORN, $WEAT, $SOY, $USD

FLASH: Gold Down, USD Flat Crude Oil Off, Stocks Lower

Notes: BoE Governor Mark Carney has said a global trade war and a no-deal BREXIT were growing risks to Britain’s economy, which might need more help to cope with a downturn. That prompted investors to increase their bets on a BoE interest rate cut.

The Chinese stock market fell Tuesday, tracking overnight weakness on Wall Street after strong US jobs data dimmed hopes of a deep rate cut by the Fed, while tech shares dragged ahead of a slew of new listings on a Nasdaq-style board in Shanghai.

In Asia

Gold: Gold prices lower Tuesday as USD held near multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal’s losses.

  • Spot gold was down 0.2% at $1,392.64 oz as of 0608 GMT,
  • US gold futures fell 0.3% to $1,396.30 oz.

Weakness in gold prices is largely due to easing of Fed rate cut expectations and bond yields are recovering. Markets continue to price in a 25 bpt cut.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes Friday.

Energy: Crude Oil prices dipped Tuesday on demand concerns following the latest signs the US-China trade dispute is dragging on the global economy, although the potential for conflicts in the Middle East offered support

  • ICE Brent Crude futures were down 14c, or 0.2%, at $63.97 bbl by 0524 GMT,
  • NYMEX Crude Oil futures were down 20c, or 0.4%, at $57.46 bbl.

Crude Oil prices are being pressured by worries about demand as the U.S.-China trade dispute, heading into its 2nd year, dampens prospects for global economic growth, which affects demand. The countries are the world’s 2 largest Crude Oil consumers.

Equities: The Chinese stock market slid Tuesday, tracking overnight weakness on Wall Street after strong US jobs data dimmed hopes of a deep rate cut by the Fed, while tech shares dragged ahead of lots of new listings on a NASDAQ-style board in Shanghai.

MSCI’s broadest index of Asia-Pacific shares sans Japan ticked up 0.1% in early trade, after falling 0.6% the previous day. Japan’s Nikkei rose 0.5%

On Wall Street Monday, the S&P 500 lost 0.48%, and the NAS Comp dropped 0.78%

Money market futures are still fully pricing in a 25 bpt cut at the Fed’s next policy meeting on 30-31 July, but have almost priced out a larger 50 bpt reduction.

Currencies: USD traded near a 3-week highs Vs its peers Tuesday, as investors pared bets on aggressive US interest rate cuts ahead of the Fed Chairman’s testimony to Congress on the economy Wednesday.

.DXY Vs a basket of 6 peer currencies was little changed at 97.366 Tuesday, which was close to a 3 week high of 97.443 hit Friday.

The Buck briefly rose to a 6-week high of 108.90 JPY Tuesday before settling at 108.68 JPY, flat to little changed on the day.

GBP was last quoted at $1.2515, within striking distance of $1.2481, its lowest since the “flash crash” on 3 January when it dropped to $1.2409.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »57.43 USD-0.23-0.40%Jul 192:37AM EDT
ICE Brent Crude »63.94 USD-0.17-0.27%Jul 192:37AM EDT
NYMEX RBOB Gasoline »1.90 USD-0.00-0.15%Jul 192:36AM EDT
Dubai Crude Spot »62.48 USD+0.03+0.05%Dec 022:47AM EDT
ICE Gas Oil »574.75 USD-4.50-0.78%Jul 192:36AM EDT
NYMEX No2 Heating Oil »1.89 USD-0.00-0.22%Jul 192:37AM EDT
NYMEX Nat Gas »2.39 USD-0.01-0.42%Jul 192:36AM EDT
ICE NBP Nat Gas »32.45 GBP+1.04+3.20%Jul 192:36AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,394.15USD-1.05-0.08%Dec 022:49AM EDT
COMEX 100oz Gold »1,392.90USD-4.10-0.29%Jul 192:13AM EDT
Silver Spot »15.07USD+0.04+0.29%Dec 022:49AM EDT
Platinum Spot »812.24USD-1.25-0.15%Dec 022:49AM EDT
Palladium Spot »1,557.10USD-4.40-0.28%Dec 022:49AM EDT
COMEX Copper »2.65USD-0.01-0.34%Jul 1912:23AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »436.00USC-2.50-0.57%Jul 1910:10PM EDT
CBOT Wheat »512.00USC-4.75-0.93%Jul 192:09AM EDT
KCBT Wheat »442.00USC+0.000.00%Jul 195:22PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »176.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »875.25USC+0.000.00%Jul 195:26PM EDT

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