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

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

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

Notes: Friday, China will release trade data for June, with analysts expecting exports to have fallen as weakening global demand and a sharp hike in US tariffs took a heavier toll on the world’s largest trading nation.

OPEC Thursday forecast world demand for its Crude Oil will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.

In Asia

Gold: Gold prices rose Friday and were on track for a weekly gainer, as worries over renewed US-China trade tensions and expectations of a rate cut by the Fed boosted demand for the safe-haven precious Yellow metal.

• Spot gold +0.4% at $1,408.62 oz, as of 0133 GMT. Gold has risen nearly 0.6% so far this week,
• US gold futures +0.2% at $1,410 oz.

Fed Chairman Powell indicated Thursday that a rate cut is likely at the FOMC’s next meeting as businesses slow investment due to trade disputes and a global growth slowdown.

Energy: Crude Oil prices hovered near 6-wk highs Friday as US producers in the Gulf of Mexico cut more than 50% their output in the face of a tropical storm and as tensions continued to simmer in the Middle East.

• ICE Brent Crude Oil futures were up 53c, or 0.8%, at $67.05 bbl by 0606 GMT Friday,
• NYMEX Crude Oil futures were up 42c, or 0.7%, at $60.62 bbl. The U.S. benchmark marked its highest mark since 23 May.

Thursday, Crude Oil companies in the Gulf of Mexico had cut more than 1M BPD of output, or 53% of the region’s production, due to Tropical Storm Barry which could make landfall Saturday on the Louisiana coast.The storm was forecast to become a category one hurricane with at least 74-mph winds.

Equities: Asian shares shuttled between small losses and gains Friday as investors awaited China trade, lending and growth data, worries over US-China trade tensions deflated optimism rooted in expectations of a Fed rate cut this month.

Pan-region Euro Stoxx 50 futures STXEc1 were up 0.29% at 3,500, German DAX futures FDXc1 were up 0.36% at 12,367 and FTSE futures FFIc1 were up 0.34% at 7,475. Financial spread-betters expect Paris’ CAC .FCHI to open 0.38% higher.

MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS, which moved in a narrow range through the day, was flat in the afternoon. Chinese shares rose, with the CSI300 .CSI300 adding 0.85%.

Australian shares dipped 0.3% and Japan’s Nikkei stock index .N225 started the day with small losses, but ended 0.2% ahead.

S&P 500 e-mini futures ESc1 were last up 0.23% at 3,011.

Currencies: The dollar fell 0.15% Vs JPY to 108.32, EUR gained 0.19% to buy $1.1273 JPY.

.DXY, which tracks the Buck Vs a basket of 6 peer rivals, was down 0.15% at 96.900.

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

Stay tuned…

Corn, Fed, futures, GLD, Gold, inflation, oil, SLV, SOY, stocks, tankers, trade, USD, USO, WEAT, xau