FLASH: Gold Steady, USD Up, Crude Oil Off, Stocks Up
- Crude Oil falls as focus shifts from Saudi supply to global demand concerns
- Global stocks up on trade hopes, growth fears temper gains
- Gold steady below 2-week peak but trade talk hopes weigh
Gold: Gold prices are steady Tuesday, having risen to a more than 2-wk highs in the Monday’s session on global slowdown fears and tensions in the Middle East.
- Spot gold was little changed at $1,521.16 oz, as of 0339 GMT,
- US gold futures were down 0.2% to $1,528.50 oz.
Spot gold is Neutral in a range of $1,497-$1,524 oz, and an escape may suggest a direction
Energy: Crude Oil prices off Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia.
- ICE Brent Crude Oil futures -35c to $64.42 bbl by 0408 GMT,
- NYMEX WTI Crude Oil futures were at $58.36, -28c.
The demand side of the equation is back in focus.
Equities: Global shares up Tuesday after Treasury Secretary Steven Mnuchin said US-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall desire for riskier assets.
MSCI’s broadest index of Asia-Pacific shares sans Japan moved up 0.06%, supported by 0.4% gains in Mainland Chinese shares, while Japan’s Nikkei edged up 0.20% after a market holiday Monday.
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