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

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »59.55 USD+1.72+2.89%Jul 1911:17AM EDT
ICE Brent Crude »66.11 USD+1.95+2.95%Jul 1911:17AM EDT
NYMEX RBOB Gasoline »1.97 USD+0.04+2.14%Jul 1911:17AM EDT
Dubai Crude Spot »64.54 USD+1.18+1.83%Dec 0211:26AM EDT
ICE Gas Oil »594.00 USD+17.75+2.99%Jul 1911:14AM EDT
NYMEX No2 Heating Oil »1.96 USD+0.05+2.49%Jul 1911:15AM EDT
NYMEX Nat Gas »2.48 USD+0.06+2.30%Jul 1911:17AM EDT
ICE NBP Nat Gas »32.95 GBP+1.67+5.07%Jul 1911:16AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,406.91USD+9.11+0.65%Dec 0211:18AM EDT
COMEX 100oz Gold »1,397.50USD+0.000.00%Jul 197:01PM EDT
Silver Spot »15.13USD+0.03+0.22%Dec 0211:18AM EDT
Platinum Spot »825.26USD+19.26+2.33%Dec 0211:18AM EDT
Palladium Spot »1,582.18USD+35.17+2.22%Dec 0211:18AM EDT
COMEX Copper »2.68USD+0.05+2.02%Jul 1910:50AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »430.00USC-1.75-0.41%Jul 1911:06AM EDT
CBOT Wheat »507.50USC-2.25-0.44%Jul 1910:40AM EDT
KCBT Wheat »444.00USC+3.50+0.79%Jul 199:32AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »173.25EUR+0.25+0.14%Sep 1911:11AM EDT
CBOT Soybeans »887.00USC+4.25+0.48%Jul 1911:07AM EDT

Stay tuned…

CornFedfuturesGLDGoldinflationoilSLVSOYstockstankerstradeUSDUSOWEATxau

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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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