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

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

FLASH: Gold Firm, USD Off, Crude Oil Up, Stocks Lower

Headlines

  • Crude Oil climbs on Short-covering, Us-China trade disputes caps gain
  • Global Stock ‘rout’ deepens
  • US labels China a currency manipulator paving the way for more sanctions
  • Yuan off lows, JPY slumps as China struggles over currency policy
  • Gold firms near 6-year highs as trade tensions trigger safe-haven bets

Gold: Gold prices holding firm near 6-year highs Tuesday as investors flocked to safety after the US designated Beijing a currency manipulator, escalating a the long running tradedispute between the world’s 2 biggest economies.

  • Spot gold was down 0.1% at $1,461.51 oz, as of 0543 GMT after hitting its highest level since May 2013, at $1,474.81, earlier in the session,
  • US gold futures were also down 0.1%, at $1,474.40 oz.

There have been comments from pundits that China is going to use its currency tool a bit more, because they are beginning to lose their trade deal with the US, but the PBoC denies it.

Energy: Crude Oil prices up 1% Tuesday as traders bets on falling prices covered to lock in profits after declines over the last 3 sessions due to the escalating trade tensions between the US and China.

  • ICE Brent Crude Oil futures +61c, or 1%, to $60.42 bbl by 0544 GMT Tuesday,
  • NYMEX WTI Crude Oil futures +56c or 1%, to $55.25 bbl.

Crude Oil prices may find some support later this week with a preliminary Reuters poll showing US Crude Oil inventories were expected to fall for an 8th week running.

Equities: Global stocks extended losses Tuesday, after President Trump tagged China a currency manipulator, shaking investor sentiment an escalation of the US-China trade dispute.

In early European trade, the pan-region Euro Stoxx 50 futures STXEc1 were down 0.2%, German DAX futures FDXc1 slipped 0.15% and Britain’s FTSE futures FFIc1 lost 0.4%.

MSCI’s broadest index of Asia-Pacific shares sans Japan was down 0.75%. It has lost 3.7% this week.

The Shanghai Composite Index .SSEC retreated 1.4%.

Japan’s Nikkei .N225 shed 0.7%, Australian stocks fell 2.3% and SKorea’s KOSPI .KS11 slid 0.9%.

Currencies: The offshore RMB Yuan (UNH) came off an all-time low on Tuesday after Beijing appeared to take steps to prevent the currency from sliding further, following a sharp drop that prompted the U.S. government to label China a currency manipulator.

USD fell Vs JPY to 105.51, the lowest since a flash crash in January, but then reversed and is up by 1% to 107.11 JPY, as 10-year US Treasury yields and US stock futures turned positive.

The New Zealand Dollar surged 1% to 69.85 JPY, while the Australian Dollar rose 1.2% to 72.42 JPY.

The Australian Dollar rose 0.3% to $0.6778. The Aussie held onto gains after the Reserve Bank of Australia left its benchmark interest rate at a record low of 1.00%, as expected.

The New Zealand Dollar jumped by 0.5% to $0.6562 after New Zealand’s jobless rate fell to 11-yr lows, but the kiwi later erased its gains to trade flat on the day.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,462.54USD-1.06-0.07%Dec 023:09AM EDT
COMEX 100oz Gold »1,463.00USD-1.60-0.11%Aug 192:56AM EDT
Silver Spot »16.39USD+0.000.00%Dec 023:09AM EDT
Platinum Spot »855.23USD+2.23+0.26%Dec 023:09AM EDT
Palladium Spot »1,426.01USD+11.51+0.81%Dec 023:09AM EDT
COMEX Copper »2.55USD+0.02+0.61%Aug 192:20AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »55.24USD+0.55+1.00%Aug 193:08AM EDT
ICE Brent Crude »60.38USD+0.57+0.94%Aug 193:08AM EDT
NYMEX RBOB Gasoline »1.72USD+0.01+0.34%Aug 193:08AM EDT
Dubai Crude Spot »58.98USD+0.83+1.41%Dec 023:18AM EDT
ICE Gas Oil »564.75USD+0.000.00%Aug 193:08AM EDT
NYMEX No2 Heating Oil »1.85USD+0.01+0.75%Aug 193:08AM EDT
NYMEX Nat Gas »2.10USD+0.03+1.19%Aug 193:08AM EDT
ICE NBP Nat Gas »30.96GBP-0.56-1.81%Aug 193:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »404.50USC-0.75-0.19%Sep 193:07AM EDT
CBOT Wheat »494.50USC+0.000.00%Sep 193:08AM EDT
KCBT Wheat »425.50USC-1.25-0.29%Sep 193:05AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »172.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »853.00USC+2.75+0.32%Aug 199:59PM EDT

Stay tuned…

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