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 Steady, Crude Oil Up, Stocks Lower

Headlines

  • President Trump’s new tariffs may set stage for more Fed rate cuts
  • President Trump says it is up to China to deal with Hong Kong’s riots
  • Crude Oil prices regain ground after overnight dive
  • Gold will see a gainer on the new White House China tariffs
  • President Trump’s tariffs jolt global stocks, trigger rush to safer assets

Gold: Gold prices fell nearly 1% Friday, as investors booked profits.

  • Spot gold was down 0.5% at $1,438.16, as of 0735 GMT, after hitting 2-wk highs of $1,446.10 earlier in the session
  • US gold futures rose 1% to $1,446.80 oz.

The precious Yellow metal has risen about 1.4% on the week, heading for a 3rd weekly gainer in 4.

Escalation in trade dispute between the US and China has caused a spike in gold futures. We believe that prices might even go higher from current marks.

Spot gold may retest a resistance at $1,449 oz, a break above which could lead to a gain into the range of $1,461-$1,474

Energy: Crude Oil prices rose 2% Friday, regaining ground after the biggest falls in years on President Trump’s renewed China tariffs threat.

  • ICE Brent Crude Oil futures dove more than 7% Thursday,
  • NYMEX WTI Crude Oil futures almost 8% its worst day in more than 4 years, then Friday
  • Brent futures rose $1.21, or 2%, to $61.71 bbl by 0657 GMT, while WTI futures gained 87c, or 1.6%, to $54.82 a barrel.

President Trump said Thursday he will impose a 10% tariff on $300-B of Chinese imports from 1 September and could raise tariffs further if China’s President Xi fails to move more quickly to strike a trade deal. Trump loves Tariffs!

Equities: Global stocks took a beating Friday, with investors moving into safe-haven assets.

Pan-European Euro Stoxx 50 futures shed 2.0% in late Asian trade, indicating that European cash share markets will open sharply lower Friday, while US stock futures extended losses, dropping 0.2%, following the S&P 500 off 0.9% to hit 1-month lows overnight.

MSCI’s broadest index of Asia-Pacific shares sans Japan fell 1.6% to its lowest since mid-June while Japan’s Nikkei fell 2.1%.

Chinese stocks were also hit hard, with the benchmark Shanghai Composite and the blue-chip CSI300 down 1.5% and 1.6%, respectively, while Hong Kong’s Hang Seng fell 2.2%.

The tech-heavy Taiwan’s Taiex slid 1.7% and SKorea’s KOSPI lost as much as 1.5% to hit fresh 7-month lows

Currencies: .DXY steady Friday after posting its biggest daily decliner in 2 wks in the Thursday’s session.

GBP edged toward a 30-month low Vs USD due to persistent worries about a no-deal BREXIT, and a cut in the Bank of England’s economic forecasts. Sterling was last 0.1% lower on the day at $1.2110.

The Japanese yen surged to a 5-week high Vs USD and a 2.5-year high Vs GBP. The pair last stood at 107.10.

EUR recovered to $1.1085, from 2-year lows of $1.1027 hit in US trade.

The risk sensitive AUD dropped to a 7-month low of $0.6795.

China’s onshore RMB Yuan (CNY) slumped to its lowest since November 2018, falling more than 0.7% to 6.95 per USD, as new tariffs put an end to a recent pause in a trade war that has forced Chinese policymakers to unleash stimulus to offset its slowing economy. In the offshore market, the RMB Yuan fell to as low as 6.9778..

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,438.29USD-6.77-0.47%Dec 024:08AM EDT
COMEX 100oz Gold »1,439.00USD+18.10+1.26%Aug 193:42AM EDT
Silver Spot »16.16USD-0.17-1.04%Dec 024:08AM EDT
Platinum Spot »847.44USD-1.06-0.13%Dec 024:08AM EDT
Palladium Spot »1,427.80USD+3.80+0.27%Dec 024:08AM EDT
COMEX Copper »2.66USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »54.79USD+0.84+1.53%Aug 194:01AM EDT
ICE Brent Crude »61.65USD+1.15+1.87%Aug 194:00AM EDT
NYMEX RBOB Gasoline »1.77USD+0.02+1.15%Aug 194:01AM EDT
Dubai Crude Spot »60.28USD+0.78+1.29%Dec 024:10AM EDT
ICE Gas Oil »572.75USD-13.50-2.36%Aug 194:01AM EDT
NYMEX No2 Heating Oil »1.88USD+0.02+1.18%Aug 194:01AM EDT
NYMEX Nat Gas »2.20USD-0.00-0.14%Aug 194:00AM EDT
ICE NBP Nat Gas »33.34GBP-0.12-0.36%Aug 193:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »395.25USC+2.50+0.63%Sep 194:01AM EDT
CBOT Wheat »478.75USC+3.00+0.63%Sep 194:00AM EDT
KCBT Wheat »418.00USC+2.25+0.54%Sep 193:52AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »173.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »850.75USC+3.75+0.44%Aug 193:59AM EDT

Have a terrific weekend

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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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