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

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

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

Note: The immediate focus shifts to the minutes of the Fed’s last meeting due Wednesday. Traders are also keenly waiting on the Fed’s Jackson Hole seminar and a G-7 Summit this weekend for clues on what additional steps policymakers will take to bolster growth.

Headlines

  • Brent Crude Oil futures climb above $60 bbl on US inventory draw
  • Gold prices steady above $1,500, Fed mins in focus
  • Caution holds Asian shares before Fed mins
  • Political turmoil in Hong Kong, Britain and Italy has heightened uncertainties for investors.

Gold: Gold prices steady Wednesday after recovering to above the Key $1,500 oz mark in Tuesday session.

  • Spot gold off 0.2% to $1,503.25 oz by 0344 GMT,
  • US gold futures were down 0.2% at $1,513.30 oz

Minutes from the FOMC’s most recent meeting in July, when the Fed cut rates for the 1st time since the Y 2008 financial crisis, are due Wednesday.

The mins are going to set up a foundation of what to expect, and then Jackson Hole will provide clarity as to whether the Fed is finally coming to the party with potential monetary policy support,

Energy: Brent Crude Oil futures rose above $60 bbl Wednesday after a data report showed a larger-than-expected drop in US inventories, but ongoing worries about a possible global recession capped gains.

  • ICE Brent Crude Oil gained 32c, or 0.5%, to $60.35 bbl by 0403 GMT,
  • NYMEX WTI Crude Oil was up 25c, or 0.45%, at $56.38 a bbl.

US Crude Oil stocks fell by 3.5-M bbl in the week to 16 August data from industry group the American Petroleum Institute (API) showed Tuesday. Analysts polled expected a fall of 1.9-M bbl.

Equities: Asian shares flat-lined Wednesday as worries about global recession and endless trade disputes vied with hopes for a lot more monetary and fiscal stimulus to keep growth going.

Currencies: MSCI’s broadest index of Asia-Pacific shares sans Japan dithered either side of flat after 3 days running of gainers.

Japan’s Nikkei slipped 0.4%, while Shanghai blue chips lost -0.1%. E-Mini futures for the S&P 500, which added 0.25%, while EUROSTOXX 50 futures edged up 0.1%.

USD was a bit firmer on the JPY at 106.48 after losing 0.4% Tuesday, while GBP was last trading at $1.2170.

The EUR traded water near Tuesday’s high at $1.1101

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,501.40USD-5.45-0.36%Dec 021:19AM EDT
COMEX 100oz Gold »1,505.00USD+0.40+0.03%Aug 198:05PM EDT
Silver Spot »17.04USD-0.08-0.47%Dec 021:19AM EDT
Platinum Spot »844.23USD-4.33-0.51%Dec 021:19AM EDT
Palladium Spot »1,480.41USD-10.60-0.72%Dec 021:19AM EDT
COMEX Copper »2.57USD-0.00-0.08%Aug 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.36USD+0.23+0.41%Sep 191:28AM EDT
ICE Brent Crude »60.36USD+0.33+0.55%Aug 191:28AM EDT
NYMEX RBOB Gasoline »1.69USD+0.01+0.42%Aug 191:00AM EDT
Dubai Crude Spot »59.73USD+0.35+0.59%Dec 021:38AM EDT
ICE Gas Oil »569.75USD+6.25+1.10%Sep 191:25AM EDT
NYMEX No2 Heating Oil »1.86USD+0.00+0.24%Aug 191:23AM EDT
NYMEX Nat Gas »2.22USD+0.00+0.18%Aug 191:28AM EDT
ICE NBP Nat Gas »31.50GBP+0.000.00%Aug 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »360.50USC+1.00+0.28%Sep 191:12AM EDT
CBOT Wheat »460.25USC+0.25+0.05%Sep 191:20AM EDT
KCBT Wheat »388.25USC+1.50+0.39%Sep 191:16AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »165.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean859.00USC+3.25+0.38%Sep 1912:52AM EDT

Stay tuned…

#agriculture#Asia#China#Corn#Crude Oil#energy#Fed#GLD#Gold#grains#oil