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

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

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

Wednesday, the US financial markets are shortened, and all US financial markets are closed Thursday for Independence Day

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

Notes: Bank of England Governor Mark Carney on Tuesday flagged uncertainties stemming from trade disputes and Britain’s departure from the EU even as he stuck to his line that the central bank could raise rates in the event of a smooth BREXIT.

Signs of a global economic slowdown hitting Crude Oil demand growth worried investors after global manufacturing indicators disappointed and the US opened another trade dispute after threatening the EU with more tariffs to offset government aid to the aviation industry.

The USD struggled as the fading hopes for any near-term US-China trade deal revived safe-haven demand and drove US bond yields to their lowest marks since late Y 2016.

In Asia

Gold: Gold prices rose 1% Wednesday, driven by strong safe-haven sentiment as hopes of a quick end to the US-China trade dispute faded and a new trade dispute opened with the EU deepening concerns over slowing economic growth.

  • Spot gold was up 0.7% at $1,427.64 oz, at 0438 GMT,
  • US gold futures were up 1.6% to $1,430.80 oz.

Extended weakness in global manufacturing data and US trade protectionism looked poised to support gold’s appeal as investors avoided riskier assets.

Energy: Crude Oil prices are up Wednesday after a steep fall in Tuesday’s session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could slow demand.

  • ICE Brent Crude Oil futures for September delivery were trading +36c, or 0.6%, at $62.76 l by 0244 GMT,
  • NYMEX WTI Crude Oil futures for August were trading +29c, or 0.5%, at $56.54 bbl.

The OPEC+ agreement to extend oil output cuts for nine months should draw down oil inventories in 2-H of this year, is boosting prices,

Equities: Asian shares off Wednesday as initial enthusiasm over the latest US-China trade truce was overtaken by fresh concerns over Washington’s threat of tariffs on additional EU goods.

MSCI’s broadest index of Asia-Pacific shares sans Japan was 0.3% lower, while Japan’s Nikkei slipped 0.6% in early trade.

US managed modest gains Tuesday with the S&P 500 gaining 0.29% to a another record close of 2,972.9.

Currencies: GBP flirted with 2-week lows after BoE’s Mark Carney’s comments and last stood at $1.2599.

EUR was steadier at $1.1291, while USD traded at 107.87 JPY, off Monday’s high of 108.535 hit after China and the United States agreed to resume trade talks. .DXY was flat to little changed.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.48 USD+0.23+0.41%Jul 191:33AM EDT
ICE Brent Crude »62.63 USD+0.23+0.37%Jul 191:32AM EDT
NYMEX RBOB Gasoline »1.87 USD+0.00+0.07%Jul 191:26AM EDT
Dubai Crude Spot »60.85 USD-0.29-0.48%Dec 021:43AM EDT
ICE Gas Oil »572.75 USD-4.75-0.83%Jul 191:17AM EDT
NYMEX No2 Heating Oil »1.89 USD+0.00+0.19%Jul 191:30AM EDT
NYMEX Nat Gas »2.25 USD+0.01+0.62%Jul 191:32AM EDT
ICE NBP Nat Gas »26.12 GBP+0.000.00%Jul 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,423.36USD+5.16+0.36%Dec 021:39AM EDT
COMEX 100oz Gold »1,426.80USD+22.20+1.56%Jul 1912:32AM EDT
Silver Spot »15.30USD-0.01-0.05%Dec 021:39AM EDT
Platinum Spot »828.40USD+0.89+0.11%Dec 021:39AM EDT
Palladium Spot »1,559.20USD+1.20+0.08%Dec 021:39AM EDT
COMEX Copper »2.65USD-0.01-0.23%Jul 1912:44AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »418.75USC+5.25+1.25%Jul 1911:01PM EDT
CBOT Wheat »504.00USC+0.50+0.10%Jul 197:59PM EDT
KCBT Wheat »424.00USC+0.000.00%Jul 198:00PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »177.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »876.00USC-0.25-0.03%Jul 1910:22PM EDT

Have a terrific 4th of July Holiday…

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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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