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

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

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

Headlines

  • Crude Oil gains more than 1% on Saudi supply doubt
  • China, Hong Kong stocks fall on US-China trade deal uncertainty
  • Gold prices edge lower, as Palladium marks record high

Gold: Gold prices lowed Monday, as equities gained after the US Trade Representative described last week’s US-China trade talks as “productive.”

  • Spot gold down 0.3% at $1,512.91 oz, as of 0116 GMT,
  • US gold futures up 0.3% at $1,519.8 oz,
  • Spot palladium up 0.8% to $1,654.77 oz.

The USD gained Monday, while Wall Street stock futures edged up in early trade, setting an upbeat note for Asian markets.

Energy: Crude Oil prices rose more than 1% Monday on doubts over how fast Saudi Arabia can bring back its full output after an attack earlier this month on its largest processing facility and as tensions in the Middle East remained at high levels.

  • ICE Brent Crude Oil futures LCOc1 increased to as much as $65.50 bbl. The front-month contract was at $64.98, +70c, or 1.09% at 0529 GMT,
  • NYMEX WTI Crude Oil futures CLc1 were at $58.71 bbl, +62c, or 1.07%, after earlier hitting a high at 59.39.

Despite efforts by Saudi Arabia to reassure global markets it can resume full production by the end of this month after an attack on its largest petroleum processing facility in mid-September, buyers and traders remain skeptical. The attack knocked out nearly 50% of The Kingdom’s oil production.

Equities: China and Hong Kong stocks retreated Monday as markets awaited more information on trade talks between the United States and China after mixed signals last week.

As of 04:17 GMT, China’s A-shares were trading at a premium of 29.63% over the Hong Kong-listed H-shares.

The CSI300 index fell 1.5%, to 3,877.10 points at the end of the morning session, while the Shanghai Composite Index lost 1.3%, to 2,967.01 points.

Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.29% while Japan’s Nikkei index was up 0.16%.

Commodities & Currency Pairs

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Have a terrific week.

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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.

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