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

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

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

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

Notes: China’s economic growth slowed to 6.2% in Q-2, its weakest pace in 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure.

EU foreign ministers will seek to figure out how to convince Iran and the United States to reduce tensions and initiate a dialogue when they meet in Brussels Monday amid fears that the Y 2015 nuclear deal is close to collapse.

US proposes barring big tech companies from offering financial services and digital currencies.

USD under pressure on expectations of a Fed rate cut. Comments last week from Fed Chairman Powell and Chicago Fed President Charles Evans indicated Us rate cuts are needed to boost inflation.

Iranian President Hassan Rouhani said in a televised speech on Sunday that Iran is ready to hold talks with the United States if Washington lifts sanctions and returns to the Y 2015 nuclear deal it quit last year.

In Asia

Gold: Gold prices are consolidating above $1,400 pivot, as Key China data assuaged concerns about global economic slowdown and boosted appetite for riskier assets.

  • Spot gold was down 0.3% at $1,411.99 oz, as of 0549 GMT,
  • US gold futures were +0.1% at $1,414 oz.

The next big event for gold is the FOMC meeting at the end of this month, as expectations fluctuate between Quarter & Half percent cut, we should see that have an impact on gold prices.

Energy: Crude Oil prices declined Monday after China posted its slowest Quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest Crude Oil importer.

  • ICE Brent Crude Oil futures for September fell 21c to $66.51 bbl by 0222 GMT,
  • NYMEX WTI Crude Oil for August was down 28c at $59.93 bbl
  • Last week both contracts marked their biggest weekly gainers in 3 wks on cuts in US production and diplomatic tensions in the Middle East.

Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed US Gulf of Mexico output by 73%, or 1.38-M BPD.

Equities: Asian shares advanced Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world’s 2nd-biggest economy may be starting to stabilize thanks to ramped-up stimulus from Beijing.

MSCI’s broadest index of Asia-Pacific shares sans Japan gave up losses to be 0.2% higher at 526.72 points. It fell a little more than 1% last week, snapping 5 wks running of gainers.

Trading was expected to be light as Japan is shut for a public holiday.

Australian shares slipped 0.4% while SKorea’s KOSPI was mostly flat. Chinese shares pared early losses with the blue-chip index up 0.4%. Hong Kong’s Hang Seng index added 0.3%.

Currencies: The Australian Dollar (AUD) jumped after the China data to a high of $0.7033, a level not seen since 4 July.

USD was a bit higher at 96.871 Vs a basket of 6 peer currencies. .DXY fell for 3 days running, as markets fully priced in the chance of a 25 bprs cut to US interest rates. There is also a small probability of a 50 bps cut.

Vs JPY, USD ticked up from near the lowest since early June at 108.04 while EUR was a bit lower at $1.1267 after 3 successive sessions of gains.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »59.96 USD-0.25-0.42%Jul 191:54AM EDT
ICE Brent Crude »66.56 USD-0.16-0.24%Jul 191:56AM EDT
NYMEX RBOB Gasoline »1.95 USD-0.03-1.61%Jul 191:54AM EDT
Dubai Crude Spot »64.90 USD-0.20-0.31%Dec 022:04AM EDT
ICE Gas Oil »601.75 USD-3.25-0.54%Aug 191:54AM EDT
NYMEX No2 Heating Oil »1.97 USD-0.01-0.61%Jul 191:54AM EDT
NYMEX Nat Gas »2.44 USD-0.01-0.62%Jul 191:54AM EDT
ICE NBP Nat Gas »35.83 GBP+0.000.00%Jul 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,412.61USD-2.88-0.20%Dec 021:58AM EDT
COMEX 100oz Gold »1,411.70USD+1.80+0.13%Jul 1910:27PM EDT
Silver Spot »15.22USD+0.01+0.06%Dec 021:58AM EDT
Platinum Spot »833.29USD+5.79+0.69%Dec 021:58AM EDT
Palladium Spot »1,553.19USD+7.69+0.50%Dec 021:58AM EDT
COMEX Copper »2.69USD+0.000.00%Jul 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »457.25USC+3.00+0.66%Sep 191:54AM EDT
CBOT Wheat »528.00USC+5.00+0.95%Sep 191:57AM EDT
KCBT Wheat »469.75USC+2.50+0.53%Sep 191:35AM 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 »915.75USC+2.50+0.27%Aug 191:52AM EDT

Have a terrific 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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