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

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

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

FLASH: Gold Steady, USD Unch, Crude Oil Off, Stocks Mixed

Notes: Most Asian stock markets rose Monday, but gains were limited as investors awaited US retail sales data and corporate earnings to gauge the health of the world’s biggest economy ahead of a likely US rate cut later this month.

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.

Markets have fully priced in a 25-bpts cut by the Fed at its meeting at the end of this month.

President Trump showed no signs of softening his stance on China, warning that Washington could pile on more pressure as trade talks sputtered along.

US data Tuesday is expected to show that retail sales rose 0.1% in June, according to the median estimate of economists polled.

In Asia

Gold: Gold prices steady Tuesday as investors awaited US retail sales data that could serve as an indicator of the strength of the world’s largest economy.

  • Spot gold was up 0.1% at $1,415.19 oz, as of 0521 GMT,
  • USD gold futures were up 0.2% at $1,416.60 oz.

Energy: Crude Oil prices dipped Tuesday, extending losses from Monday’s session, as output in the Gulf of Mexico resumed after Hurricane Barry and as US shale production is set to rise to a record output.

  • ICE Brent Crude Oil futures were down 4c at $66.44 bbl by 00642 GMT.
  • NYMEX WTI Crude Oil futures dropped by 13c, or 0.2%, to $59.45 bbl.

Producers Monday began restoring some of the roughly 75% of output that was shut at US Gulf of Mexico platforms ahead of Hurricane Barry.

Equities: European markets looked set for an equally cautious session, with pan-region Euro Stoxx 50 futures down 0.14% in early trade.

German DAX futures were up 0.04%, FTSE futures were down 0.18%, and financial spreadbetters saw France’s CAC 40 opening flat.

MSCI’s broadest index of Asia-Pacific shares sans Japan was last up 0.3%, with losses in Chinese shares capping gains elsewhere in the region.

China’s blue-chip CSI300 index fell 0.3% as investors fretted over slower growth in the world’s second-largest economy and the impact of the US-China trade dispute, even as new data highlighted Beijing’s efforts to boost spending.

SKorea’s KOSPI added 0.4% after a slow start, and shares in Taiwan rose 0.1%.

The Australian market shed 0.1%, unmoved by the release of Dovish mins from the Reserve Bank of Australia’s July meeting.

Japan’s Nikkei stock index ended down nearly 0.7%.

The quiet Asian trading session followed an equally subdued day on Wall Street, with the DJIA rising 0.1%, the S&P 500 gaining 0.02% and the NAS Comp adding 0.17%.

Currencies: .DXY flat to unchanged Vs a basket of 6 peer currencies as the prospect of an interest rate cut by the Fed later this month kept the Buck on the defensive.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »59.47 USD-0.11-0.18%Jul 192:57AM EDT
ICE Brent Crude »66.46 USD-0.02-0.03%Jul 192:58AM EDT
NYMEX RBOB Gasoline »1.93 USD-0.00-0.20%Jul 192:57AM EDT
Dubai Crude Spot »64.45 USD-0.22-0.34%Dec 023:08AM EDT
ICE Gas Oil »596.00 USD-4.50-0.76%Aug 192:56AM EDT
NYMEX No2 Heating Oil »1.95 USD-0.00-0.15%Jul 192:58AM EDT
NYMEX Nat Gas »2.40 USD-0.01-0.25%Jul 192:56AM EDT
ICE NBP Nat Gas »34.37 GBP-0.60-1.75%Jul 192:48AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,413.96USD+0.28+0.02%Dec 023:09AM EDT
COMEX 100oz Gold »1,411.40USD+0.000.00%Jul 197:01PM EDT
Silver Spot »15.44USD+0.05+0.34%Dec 023:09AM EDT
Platinum Spot »844.55USD+5.05+0.60%Dec 023:09AM EDT
Palladium Spot »1,560.13USD-7.37-0.47%Dec 023:09AM EDT
COMEX Copper »2.71USD+0.000.00%Jul 199:13PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »439.75USC-1.25-0.28%Sep 193:03AM EDT
CBOT Wheat »508.25USC+0.50+0.10%Sep 193:04AM EDT
KCBT Wheat »448.75USC-0.25-0.06%Sep 193:04AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »176.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »897.50USC-4.25-0.47%Aug 193:03AM EDT

Stay tuned…

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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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