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 Firm, Crude Oil Up, Stocks Up

Note: It is expected the Fed will lower its target range of 2.25%-2.50% by 25 basis points at a meeting ending on 31 July, but expectations for a larger 50-bpts cut been lowered on mixed signals from FOMC policymakers.

Signs of rising tensions in the Middle East offset a weaker global growth outlook from the International Monetary Fund, which had kept prices largely flat for much of Tuesday’s session.

A US Navy ship took defensive action against a 2nd Iranian drone in the Strait of Hormuz last week, but did not see the drone go into the water, the US military said Tuesday.

In Asia

Gold: Gold prices up Wednesday, moving away from a one-week low touched in the previous session, as escalating tensions in the Middle East drove investors towards the safe-haven metal.

  • Spot gold was +0.3% at $1,420.65 oz, as of 0353 GMT,
  • US gold futures were steady at $1,421.30 oz.

We have geopolitical tensions in Iran, we remain very cautious and very cautious about the trade negotiations expected to begin next Monday, and .DXY is rallying which is having a negative impact on gold prices.

Energy: Crude Oil prices up Wednesday, extending gains as rising tensions with Iran fueled concerns about supply disruptions and as US inventory data showed a much bigger than expected fall in stockpiles.

  • Brent Crude Oil futures up 20c, or 0.3%, at $64.03 bbl by 0300 GMT,
  • NYMEX WTI Crude Oil futures were up 23c, or 0.4%, at $57.00 bbl.

US Crude stocks fell more than expected in the week to 19 July declining by 11-M bbl to 449-M American Petroleum Institute said Tuesday. That compared with analysts’ expectations of a decliner of 4-M bbl.

Equities: Asian shares Wednesday gave welcome to hints of progress in the US-China trade talks, while USD hit 2-month highs Vs EUR as investors wagered on a Dovish outcome from the European Central Bank’s coming policy meeting.

Japan’s Nikkei added 0.5%, while Australian stocks rose 0.8% to all-time highs.

MSCI’s broadest index of Asia-Pacific shares sans Japan gained 0.4% and Chinese blue chips climbed 1.2%.

NAS Comp futures fell 0.2% in Asian trade, while E-Mini futures for the S&P 500 eased 0.1%.

Currencies: GBP hung at $1.2433 having fallen for 3 sessions running, as the outlook on BREXIT got murkier.

USD got a bump up from a deal to end the US budget impasse, EUR suffered in case the ECB takes a more Dovish turn.

EUR was at 2-month lows at $1.1144, shedding 0.5% overnight, and hit a near 7-month low VS JPU at 120.45.

USD pushed up on the JPY to 108.23, but stayed range. Vs a basket of 6 peer currencies, the USD firmed at 97.742

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,420.20USD+3.21+0.23%Dec 0212:58AM EDT
COMEX 100oz Gold »1,420.10USD+0.000.00%Jul 197:01PM EDT
Silver Spot »16.45USD+0.05+0.33%Dec 0212:58AM EDT
Platinum Spot »854.00USD+0.000.00%Dec 0212:58AM EDT
Palladium Spot »1,520.50USD-6.50-0.43%Dec 0212:58AM EDT
COMEX Copper »2.69USD+0.00+0.02%Jul 1911:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.98USD+0.21+0.37%Aug 1912:55AM EDT
ICE Brent Crude »64.00USD+0.17+0.27%Jul 1912:54AM EDT
NYMEX RBOB Gasoline »1.85USD-0.01-0.40%Jul 1912:25AM EDT
Dubai Crude Spot »62.80USD-0.33-0.53%Dec 021:05AM EDT
ICE Gas Oil »589.75USD+4.75+0.81%Aug 1912:48AM EDT
NYMEX No2 Heating Oil »1.92USD+0.00+0.02%Jul 1912:25AM EDT
NYMEX Nat Gas »2.29USD-0.01-0.39%Jul 1912:53AM EDT
ICE NBP Nat Gas »29.57GBP+0.000.00%Jul 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »425.25USC-0.25-0.06%Sep 1912:54AM EDT
CBOT Wheat »488.00USC+0.75+0.15%Sep 1912:54AM EDT
KCBT Wheat »433.25USC+1.75+0.40%Sep 1912:41AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »174.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »888.50USC+2.75+0.31%Aug 1912:41AM 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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