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

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

FLASH: Gold Mixed, USD Steady, Crude Oil Up, Stocks Lower

Headlines

  • President Trump’s new tariffs may set stage for more Fed rate cuts
  • President Trump says it is up to China to deal with Hong Kong’s riots
  • Crude Oil prices regain ground after overnight dive
  • Gold will see a gainer on the new White House China tariffs
  • President Trump’s tariffs jolt global stocks, trigger rush to safer assets

Gold: Gold prices fell nearly 1% Friday, as investors booked profits.

  • Spot gold was down 0.5% at $1,438.16, as of 0735 GMT, after hitting 2-wk highs of $1,446.10 earlier in the session
  • US gold futures rose 1% to $1,446.80 oz.

The precious Yellow metal has risen about 1.4% on the week, heading for a 3rd weekly gainer in 4.

Escalation in trade dispute between the US and China has caused a spike in gold futures. We believe that prices might even go higher from current marks.

Spot gold may retest a resistance at $1,449 oz, a break above which could lead to a gain into the range of $1,461-$1,474

Energy: Crude Oil prices rose 2% Friday, regaining ground after the biggest falls in years on President Trump’s renewed China tariffs threat.

  • ICE Brent Crude Oil futures dove more than 7% Thursday,
  • NYMEX WTI Crude Oil futures almost 8% its worst day in more than 4 years, then Friday
  • Brent futures rose $1.21, or 2%, to $61.71 bbl by 0657 GMT, while WTI futures gained 87c, or 1.6%, to $54.82 a barrel.

President Trump said Thursday he will impose a 10% tariff on $300-B of Chinese imports from 1 September and could raise tariffs further if China’s President Xi fails to move more quickly to strike a trade deal. Trump loves Tariffs!

Equities: Global stocks took a beating Friday, with investors moving into safe-haven assets.

Pan-European Euro Stoxx 50 futures shed 2.0% in late Asian trade, indicating that European cash share markets will open sharply lower Friday, while US stock futures extended losses, dropping 0.2%, following the S&P 500 off 0.9% to hit 1-month lows overnight.

MSCI’s broadest index of Asia-Pacific shares sans Japan fell 1.6% to its lowest since mid-June while Japan’s Nikkei fell 2.1%.

Chinese stocks were also hit hard, with the benchmark Shanghai Composite and the blue-chip CSI300 down 1.5% and 1.6%, respectively, while Hong Kong’s Hang Seng fell 2.2%.

The tech-heavy Taiwan’s Taiex slid 1.7% and SKorea’s KOSPI lost as much as 1.5% to hit fresh 7-month lows

Currencies: .DXY steady Friday after posting its biggest daily decliner in 2 wks in the Thursday’s session.

GBP edged toward a 30-month low Vs USD due to persistent worries about a no-deal BREXIT, and a cut in the Bank of England’s economic forecasts. Sterling was last 0.1% lower on the day at $1.2110.

The Japanese yen surged to a 5-week high Vs USD and a 2.5-year high Vs GBP. The pair last stood at 107.10.

EUR recovered to $1.1085, from 2-year lows of $1.1027 hit in US trade.

The risk sensitive AUD dropped to a 7-month low of $0.6795.

China’s onshore RMB Yuan (CNY) slumped to its lowest since November 2018, falling more than 0.7% to 6.95 per USD, as new tariffs put an end to a recent pause in a trade war that has forced Chinese policymakers to unleash stimulus to offset its slowing economy. In the offshore market, the RMB Yuan fell to as low as 6.9778..

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,438.29USD-6.77-0.47%Dec 024:08AM EDT
COMEX 100oz Gold »1,439.00USD+18.10+1.26%Aug 193:42AM EDT
Silver Spot »16.16USD-0.17-1.04%Dec 024:08AM EDT
Platinum Spot »847.44USD-1.06-0.13%Dec 024:08AM EDT
Palladium Spot »1,427.80USD+3.80+0.27%Dec 024:08AM EDT
COMEX Copper »2.66USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »54.79USD+0.84+1.53%Aug 194:01AM EDT
ICE Brent Crude »61.65USD+1.15+1.87%Aug 194:00AM EDT
NYMEX RBOB Gasoline »1.77USD+0.02+1.15%Aug 194:01AM EDT
Dubai Crude Spot »60.28USD+0.78+1.29%Dec 024:10AM EDT
ICE Gas Oil »572.75USD-13.50-2.36%Aug 194:01AM EDT
NYMEX No2 Heating Oil »1.88USD+0.02+1.18%Aug 194:01AM EDT
NYMEX Nat Gas »2.20USD-0.00-0.14%Aug 194:00AM EDT
ICE NBP Nat Gas »33.34GBP-0.12-0.36%Aug 193:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »395.25USC+2.50+0.63%Sep 194:01AM EDT
CBOT Wheat »478.75USC+3.00+0.63%Sep 194:00AM EDT
KCBT Wheat »418.00USC+2.25+0.54%Sep 193:52AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »173.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »850.75USC+3.75+0.44%Aug 193:59AM EDT

Have a terrific weekend

#agriculture#Asia#China#Corn#Crude Oil#energy#Fed#GLD#Gold#grains#oil#SLV#SOY#stocks#trade#USD#USO#WEAT