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Saturday, July 24, 2021

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


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

Notes: President Trump said Monday that any trade deal with China would need to be “somewhat tilted” in favor of the United States. The US government also threatened tariffs on $4-B of additional EU goods in a long-running dispute over aircraft subsidies.

Global shares had rallied strongly on Monday after the US and China agreed on the weekend to restart trade negotiations aimed at resolving their year-long trade dispute and Washington said it would postpone further tariffs.

Global manufacturing PMI took the wind from the sails of risk assets outside of those which are stock related as it becomes apparent this is a real and genuine slowdown the world is experiencing

In Asia

Gold: Gold prices up Tuesday after a fall Monday, as investors fretted about an economic slowdown amid weak global manufacturing data and US-EU trade dust-up.

  • Spot gold + 0.4% at $1,389.73 oz, at 0414 GMT, after falling 1.8% in the previous session, its biggest 1-day percentage decliner since November 2016,
  • US gold futures +0.2% to $1,391.70 oz.

The trade conflict is back in focus Tuesday and the participants have shifted from US-China to US-EU.

Energy: Crude Oil prices were off Tuesday, as weak global data raised concerns about future demand for the commodity despite a positive boost from OPEC’s decision to extend supply cuts until next March

  • ICE Brent Crude Oil futures for September delivery were trading down 15c, or 0.2%, at $64.91 bbl by 0311 GMT,
  • NYMEX WTI Crude Oil futures for August were down 25c, or 0.4%, at $58.84 bbl.

After 2.5 years of production cuts, the effects of rolling over production cuts is losing steam. 

Equities: Asian shares mixed Tuesday, US Treasury yields fell and gold rose as weak global manufacturing activity reinforced worries about slowing growth while uncertainties over the prospect of a US-China trade deal also hurt sentiment.

S&P 500 e-mini futures were up 0.1% and MSCI’s broadest index of Asia-Pacific shares sans Japan added 0.41%, helped by a 1.38% gain in Hong Kong shares as investors caught up to Monday’s global rally. Markets in Hong Kong had been closed Monday for a public holiday.

Chinese blue-chips dipped 0.05% and SKorean shares lost 0.27%.

Australian shares + 0.29% on expectations that the Reserve Bank of Australia will cut its benchmark cash rate by 25 bpts to a record low of 1.0% at a meeting later in the day. The central bank’s decision is expected at 0430 GMT.

Currencies: The safe-haven JPY strengthened, with USD dropping 0.05% Vs the Japanese currency to 108.38.

EUR was flat, buying $1.1285, and .DXY, was flat to unchanged at 96.815.

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

NYMEX Crude Oil »59.03 USD-0.06-0.10%Jul 191:33AM EDT
ICE Brent Crude »65.07 USD+0.01+0.02%Jul 191:34AM EDT
NYMEX RBOB Gasoline »1.93 USD-0.00-0.16%Jul 191:34AM EDT
Dubai Crude Spot »63.17 USD+0.08+0.13%Dec 021:43AM EDT
ICE Gas Oil »592.00 USD+1.50+0.25%Jul 191:30AM EDT
NYMEX No2 Heating Oil »1.95 USD-0.00-0.12%Jul 191:34AM EDT
NYMEX Nat Gas »2.28 USD+0.02+0.74%Jul 191:32AM EDT
ICE NBP Nat Gas »26.48 GBP+0.000.00%Jul 1911:59AM EDT
Gold Spot »1,392.12USD+8.05+0.58%Dec 021:48AM EDT
COMEX 100oz Gold »1,391.10USD+5.50+0.40%Jul 191:29AM EDT
Silver Spot »15.18USD+0.04+0.26%Dec 021:48AM EDT
Platinum Spot »836.01USD+6.01+0.72%Dec 021:48AM EDT
Palladium Spot »1,547.30USD+0.30+0.02%Dec 021:48AM EDT
COMEX Copper »2.68USD+0.000.00%Jul 191:34AM EDT
CBOT Corn »412.75USC+0.75+0.18%Jul 1911:14PM EDT
CBOT Wheat »514.50USC+0.50+0.10%Jul 1911:31PM EDT
KCBT Wheat »437.50USC+2.75+0.63%Jul 199:32PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »178.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »887.25USC+1.75+0.20%Jul 1911:44PM EDT

Have a terrific Holiday week

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