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

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

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

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

Notes: The US and China agreed on Saturday to resume trade negotiations after President Trump offered concessions to his Chinese counterpart Xi when the 2 leaders met on the sidelines of the G-20 Summit in Japan.

OPEC and its allies look set to extend oil supply cuts this week at least until the end of Y 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at bolstering up the price of Crude Oil a weakening global economy.

NKorean’s Chairman Kim Jong Un and President Trump agreed at their meeting Sunday to push forward dialogue for making a new breakthrough in the denuclearization of the Korean peninsula.

Now record-setting run of US economic growth enters its 121st month Monday, sustained by a low interest rates that helped put 22-M American people back to work.

In Asia

Gold:  The USD gains took some of the shine off gold, which fell 1.5% to $1,388.28 oz early.

Gold prices fell 1%+ Monday to their lowest in more than a week, as the USD strengthened and investors opted for riskier assets after the United States and China agreed to restart trade talks.

  • Spot gold was down 1.5% at $1,388.01 oz, as of 0530 GMT, the level last seen on 21 June,
  • US gold futures dipped 1.4% to $1,393.90 oz.

Holdings of the SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, fell 0.22% Friday

Energy: Crude Oil prices rose more than $1 bbl Monday after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another 6-9 months ahead of an OPEC meeting in Vienna.

  • Front-month ICE Brent Crude Oil futures for September touched an intra-day high of $66.44 bbl and were up $1.57, or 2.4%, at $66.31 bbl by 0436 GMT,
  • NYMEX WTI Crude Oil futures for August rose $1.36, or 2.3%, to $59.83 bbl after earlier hitting a peak of $60.10, the highest in over 5 weeks.

OPEC and its allies look set to extend oil supply cuts until the end of 2019 after top producers on Sunday endorsed a policy aimed at propping up the price of Crude Oil.

Equities: Stocks rallied and bonds retreated in Asia Monday as the United States and China agreed to restart trade talks, leading investors to pare wagers on aggressive policy easing by the major central banks.

Traders and investors initial reaction was one of relief that at least new tariffs were avoided and Japan’s Nikkei .N225 climbed 2.1% to a 2-month top. MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS added 0.5%.

Chinese blue chips .CSI300 spiked 2.6% to their highest since late April. E-Mini futures for the S&P 500 ESc1 rose 1.1% and EUROSTOXX 50 futures STXEc1 0.7%.

SKorea .KS11 lagged, in part as Japan tightened restrictions on exports of high-tech materials in response to a SKorean ruling on war-time forced labor.

Currencies: The US-China trade talk renewal’s effect on currency markets was to strip some recent gains from safe harbors like the JPY and Swissie The USD + 0.4% on JPY to 108.29 JPY, and 0.7% on the CHF to 0.9828.

.DXY added 0.4% on a basket of 6 peer currencies to 96.531, while the EUR eased to $1.1328. USD went the other way on the China’s RMB yuan, dipping 0.4% to 6.8403 CNY.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »60.04 USD+1.57+2.61%Jul 192:14AM EDT
ICE Brent Crude »66.55 USD+1.81+2.72%Jul 192:15AM EDT
NYMEX RBOB Gasoline »1.94 USD+0.05+2.43%Jul 192:14AM EDT
Dubai Crude Spot »66.20 USD+2.63+3.97%Dec 022:26AM EDT
ICE Gas Oil »603.00 USD+8.00+1.33%Jul 192:13AM EDT
NYMEX No2 Heating Oil »1.98 USD+0.05+2.27%Jul 192:14AM EDT
NYMEX Nat Gas »2.31 USD+0.01+0.26%Jul 192:15AM EDT
ICE NBP Nat Gas »25.20 GBP-0.45-1.79%Jul 192:02AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,385.64USD-23.46-1.69%Dec 022:20AM EDT
COMEX 100oz Gold »1,387.50USD-22.20-1.60%Jul 191:30AM EDT
Silver Spot »15.14USD-0.16-1.07%Dec 022:18AM EDT
Platinum Spot »834.14USD+1.14+0.14%Dec 022:20AM EDT
Palladium Spot »1,544.21USD+6.22+0.40%Dec 022:20AM EDT
COMEX Copper »2.74USD+0.04+1.35%Jul 191:13AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »422.00USC+1.75+0.41%Jul 192:10AM EDT
CBOT Wheat »524.50USC-3.50-0.67%Jul 192:07AM EDT
KCBT Wheat »452.00USC+0.50+0.11%Jul 1910:16PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »180.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »907.00USC+7.25+0.80%Jul 198:17PM EDT

Have a terrific Holiday 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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