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

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

All US financial markets are closed Thursday for Independence Day

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

Notes: Top representatives of the United States and China are organizing a resumption of talks for next week to try to resolve a year-long trade dispute between the world’s 2 largest economies, Trump Administration officials said Wednesday

EU leaders’ nomination of Christine Lagarde, the head of the International Monetary Fund, to replace Mario Draghi as president of the ECB reinforced expectations of more monetary policy easing if/when needed.

The market’s focus is now on Friday’s US NFPs for June, which economists expect to have risen by 160,000 in June, compared with 75,000 in May.

In Asia

Gold: Gold prices lower Thursday on the uptick in the stock markets, while investors sought direction from upcoming US NFP data for more cues on Fed’s stance on rate cuts.

  • Spot gold was 0.3% lower at $1,414.07 oz, as of 0731 GMT,
  • US gold futures down 0.3% to $1,416.9 oz.

Gold is on track to mark its 7th straight week of gainers driven by global growth concerns and a Dovish outlook from major central banks.

Energy: Crude Oil prices are lower Thursday after solid gains Wednesday, pressured by data showing a smaller-than-expected decline in US Crude Oil stockpiles.

  • Front-month ICE Brent Crude Oil futures were down 0.4% at $63.60 bbl by 0112 GMT,
  • NYMEX WTI Crude Oil futures were down 0.3% at $57.18 bbl

US Crude inventories dropped by 1.1-M bbl last week, the Energy Information Administration (EIA) said Wednesday. That compared with analyst expectations for an increase of 3-M bbl.

Equities: Asian stocks advanced Thursday, tracking solid gains on Wall Street as weak economic data in the US bolstered the prospect of rate cuts by the Fed as soon as this month.

MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS rose 0.4%, while Japan’s Nikkei .N225 and Australian benchmark were up 0.3% and 0.6%, respectively, although the US public holiday had activity subdued.

Mainland Chinese shares drifted into negative territory, with the Shanghai Composite .SSEC down 0.2% and the blue-chip CSI 300 .CSI300 dropping 0.3%. Hong Kong’s Hang Seng .HSI edged 0.1% higher.

European stocks are set for a marginally higher open, with futures for Britain’s FTSE FFIc1 .FTSE adding 0.1% and Germany’s DAX FDXc1 .GDAXI up a bit.

On Wall Street, which closed at midday on Wednesday for the Eve of Independence Day, all 3 major stock indexes finished at record closing highs as expectations of Fed policy easing grew

Currencies: EUR traded at $1.1284 near its 2-week low of $1.1268

USD was little changed at 107.80 JPY, GBP stood at $1.2584 having marked a 2-week low of $1.2557 as economic data reinforced expectations that the Bank of England would join its central bank counterparts in cutting interest rates to shore up a worsening economic outlook.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.88 USD-0.46-0.81%Jul 1912:00AM EDT
ICE Brent Crude »63.36 USD-0.46-0.73%Jul 194:32AM EDT
NYMEX RBOB Gasoline »1.91 USD-0.01-0.47%Jul 1912:00AM EDT
Dubai Crude Spot »61.48 USD-0.42-0.68%Dec 024:43AM EDT
ICE Gas Oil »575.25 USD+1.50+0.26%Jul 194:32AM EDT
NYMEX No2 Heating Oil »1.89 USD-0.01-0.58%Jul 1912:00AM EDT
NYMEX Nat Gas »2.27 USD-0.02-0.75%Jul 1912:00AM EDT
ICE NBP Nat Gas »26.70 GBP+0.20+0.75%Jul 194:30AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,412.90USD-5.64-0.40%Dec 024:48AM EDT
COMEX 100oz Gold »1,418.20USD+0.50+0.04%Jul 1912:00AM EDT
Silver Spot »15.23USD-0.07-0.46%Dec 024:48AM EDT
Platinum Spot »835.58USD-0.93-0.11%Dec 024:48AM EDT
Palladium Spot »1,559.95USD-11.55-0.74%Dec 024:48AM EDT
COMEX Copper »2.68USD+0.00+0.07%Jul 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »432.75USC+19.25+4.45%Jul 195:15PM EDT
CBOT Wheat »518.50USC+15.00+2.89%Jul 195:26PM EDT
KCBT Wheat »434.00USC+10.00+2.30%Jul 195:20PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »178.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »885.75USC+9.50+1.07%Jul 195:25PM EDT

Have a happy 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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