Asia: Gold, Crude Oil, Stocks, Commodities and Currency Pairs

Asia: Gold, Crude Oil, Stocks, Commodities and Currency Pairs

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

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

Headlines

  • Crude Oil prices up after bigger-than-expected fall in Us stockpiles
  • Rising bond yields support value stocks ahead of central bank meetings
  • Gold prices snap 4-day losing streak and focus on ECB meet
  • USD steady as traders await Thursday’s ECB meeting

Gold: Gold prices up Wednesday, snapping a 4-day losing streak on technical buying, amid expectations that the ECB will stimululate and cut interest rates.

  • Spot gold was up 0.5% at $1,493.50 oz, as of 0611 GMT,
  • US gold futures were up 0.2% at $1,502.2 oz.

The ECB is expected to reduce further the interest rate into negative territory. The meeting could serve as a potential catalyst for gold and investors are already buying into the rate cut expectations, buying the dip.

Energy: Crude Oil prices traded up Wednesday after an industry report said US stockpiles fell last week by more than 2X the amount that analysts in a Reuters poll had forecast.

  • ICE Brent Crude Oil futures + 51c, or 0.6%, to $62.89 bbl by 0405 GMT,
  • NYMEX WTI Crude Oil futures + 54c, or 0.9%, to $57.94 bbl.

Prices bounced after American Petroleum Institute (API) data late Tuesday showed US Crude Oil and gasoline stocks fell last week, while distillate stocks built

Equities: Bond yields climbed and stock markets held firm Wednesday, as hopes of easing US-China tensions and diminished risk of a no-deal BREXIT prompted buying of out-of-favor value stocks before Key central bank meetings.

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.6% to hit a fresh 5.5-wk high.

Pan-European Euro Stoxx 50 futures gained 0.2% in late Asian trade, indicating that European cash share markets will open slightly higher Wednesday.

Stock investors around the world sustained their rotation into value stocks, representing a major reversal after many months of outperformance by growth shares such as tech companies.

Japan’s Nikkei average climbed 1.0%, with the Topix Value index jumping 2.2% and the Topix Growth adding 1.1%.

The Shanghai Composite and the blue-chip CSI300 were down 0.3% and 0.7%, respectively, and Hong Kong’s Hang Seng advanced 1.7%.

On Wall Street: the S&P 500 ended little changed as a rally in energy and industrial shares countered a drop in the technology and real-estate sectors with investors favoring value over growth. 

Currencies: USD steadied Wednesday as investors’ appetite for risk showed cautious improvement and the yen weakened in the shift away from safe havens, but currencies kept to tight ranges ahead of a series of major central bank meetings over the next week.

.DXY was steady at 98.332.

EUR edged higher to $1.1050, with bets divided on the likely scope and style of any stimulus.

GBP stood at $1.2356, near its 6-wk high of $1.2385 hit earlier in the week on the reduced chances for Britain to crash out of the EU without a divorce deal.

The Chinese RMB Yuan and AUD briefly jumped after the editor of Communist Party newspaper The Global Times Tweeted that China would introduce measures to mitigate the trade-war impact.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,492.41USD+6.91+0.46%Dec 022:28AM EDT
COMEX 100oz Gold »1,490.20USD-0.10-0.01%Sep 1910:08PM EDT
Silver Spot »18.19USD+0.18+0.98%Dec 022:38AM EDT
Platinum Spot »939.53USD+9.27+0.99%Dec 022:38AM EDT
Palladium Spot »1,568.57USD+7.60+0.48%Dec 022:28AM EDT
COMEX Copper »2.61USD+0.00+0.11%Sep 192:06AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »57.84USD+0.44+0.76%Sep 192:30AM EDT
ICE Brent Crude »62.83USD+0.45+0.72%Sep 192:29AM EDT
NYMEX RBOB Gasoline »1.61USD+0.02+1.02%Sep 192:28AM EDT
Dubai Crude Spot »60.69USD-0.48-0.79%Dec 022:39AM EDT
ICE Gas Oil »595.00USD-5.75-0.97%Sep 192:15AM EDT
NYMEX No2 Heating Oil »1.94USD+0.01+0.57%Sep 192:29AM EDT
NYMEX Nat Gas »2.60USD+0.01+0.58%Sep 192:30AM EDT
ICE NBP Nat Gas »37.28GBP+0.000.00%Sep 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »349.75USC+1.25+0.36%Sep 1910:32PM EDT
CBOT Wheat »484.50USC+0.000.00%Sep 195:28PM EDT
KCBT Wheat »382.00USC+0.000.00%Sep 195:06PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »170.00EUR+0.000.00%Dec 1912:29PM EDT
CBOT Soybean»859.25USC+0.000.00%Sep 195:11PM EDT
CURRENCYLASTCHANGE% CHANGETIME
USD »1.0000.0000.00%
EUR »0.9052-0.0003-0.03%2:49AM EDT
JPY »107.77000.2400+0.22%2:50AM EDT
GBP »0.8088-0.0009-0.11%2:54AM EDT
CHF »0.99210.0002+0.02%2:49AM EDT
AUD »1.4550-0.0021-0.14%2:49AM EDT
CAD »1.3146-0.0003-0.02%2:50AM EDT
CNY »7.1119-0.0002-0.00%2:49AM EDT
HKD »7.83980.0004+0.01%2:49AM EDT
MXN »19.49230.0023+0.01%2:50AM EDT
RUB »65.3748-0.0213-0.03%2:49AM EDT
SEK »9.6664-0.0175-0.18%2:50AM EDT

Stay tuned…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :  
CONNECT WITH