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


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

Notes: Gold is now more than 5% below its late-February 2019 high at $1,346.73 oz.

Investors await the release of the Fed’s mins at 1800 GMT, which is expected to provide insights into the 1 May meeting by the FOMC, when policymakers kept interest rates steady and signaled little appetite to adjust them any time soon.

In Asia

Gold: Gold edged lower Wednesday to near a 2-week low, as a stronger USD and signs of easing US-China trade friction dampened demand for bullion ahead of the mins from Fed’s latest meeting.

  • Spot gold edged down 0.1% to $1,274.10 oz at 0443 GMT,
  • US gold futures were flat to Unchanged at $1,273.70 oz.

The USD hangs near a 4-week high supported by higher US yields, which rose overnight after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies Co Ltd.

A stronger USD and Washington’s extension to Huawei for 3 months has put the knife into gold.

Energy: Crude Oil prices fell Wednesday after industry data showed an increase in US Crude Oil inventories and as Saudi Arabia pledged to keep markets balanced.

  • ICE Brent Crude Oil futures -36c, or 0.5%, at $71.82 bbll by 0414 GMT,
  • NYMEX WTI Crude Oil futures for July delivery -49c, or 0.8%, at $62.64.

The American Petroleum Institute (API) said Tuesday that US Crude Oil stockpiles rose by 2.4-M bbl last week, to 480.2-M bbl, compared with analysts’ expectations for a decrease of 599,000 bbl

Official data from the U.S Energy Information Administration’s oil stockpiles report is due later Wednesday.

Equities: Asian stocks shaky Wednesday, as earlier relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies failed to offset deeper worries about trade frictions between the world’s 2 largest economies.

The Shanghai Composite Index was last down 0.1%.

Australian stocks gave up 0.1% and SKorea’s KOSPI fell 0.2%. Japan’s Nikkei edged up 0.3%.

MSCI’s broadest index of Asia-Pacific shares sans Japan moved in and out of the Red and last stood little changed.

Currencies: USD traded at 110.570 JPY after popping up to a 2-week high at 110.675 against the safe-haven JPY overnight as US Treasury yields rose in the wake of gains by Wall Street shares.

EUR was little changed at $1.1165 after brushing a 2.5 week low of $1.1142.

GBP was steady at $1.2710, it had had sunk to a 4-month low of $1.2685 Tuesday on BREXIT worries but bounced back after British Prime Minister Theresa May proposed a “new” BREXIT deal.

AUD, sensitive to shifts in risk sentiment, inched down 0.05% to $0.6882. The currency had suffered losses the previous day when Australia’s central bank governor said interest rates might be cut as soon as next month.

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

NYMEX Crude Oil »62.56 USD-0.57-0.91%Jun 1912:51AM EDT
ICE Brent Crude »71.73 USD-0.45-0.63%May 1912:49AM EDT
NYMEX RBOB Gasoline »2.01 USD-0.01-0.48%May 1912:35AM EDT
Dubai Crude Spot »70.32 USD-0.47-0.67%Dec 021:01AM EDT
ICE Gas Oil »641.50 USD-3.50-0.55%Jun 1912:49AM EDT
NYMEX No2 Heating Oil »2.07 USD-0.01-0.45%May 1911:57PM EDT
NYMEX Nat Gas »2.62 USD+0.01+0.27%May 1912:51AM EDT
ICE NBP Nat Gas »30.15 GBP+0.000.00%May 1911:59AM EDT

Gold Spot »1,273.62USD-1.10-0.09%Dec 0212:58AM EDT
COMEX 100oz Gold »1,272.00USD+0.000.00%May 197:01PM EDT
Silver Spot »14.44USD-0.00-0.02%Dec 0212:58AM EDT
Platinum Spot »806.79USD-6.71-0.83%Dec 0212:58AM EDT
Palladium Spot »1,316.92USD-2.58-0.20%Dec 0212:58AM EDT
COMEX Copper »2.72USD+0.000.00%May 197:01PM EDT
CBOT Corn »394.50USC+0.25+0.06%Jul 1912:54AM EDT
CBOT Wheat »479.25USC+0.50+0.10%Jul 1912:54AM EDT
KCBT Wheat »438.75USC+2.75+0.63%Jul 1912:52AM EDT
MGE Spring Wheat »547.00USC+4.00+0.73%Jul 1912:47AM EDT
Euronext Milling Wheat »176.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »828.25USC+6.25+0.75%Jul 1912:53AM EDT

Stay tuned…