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

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

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

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

Headlines

  • Crude Oil climbs on Short-covering, Us-China trade disputes caps gain
  • Global Stock ‘rout’ deepens
  • US labels China a currency manipulator paving the way for more sanctions
  • Yuan off lows, JPY slumps as China struggles over currency policy
  • Gold firms near 6-year highs as trade tensions trigger safe-haven bets

Gold: Gold prices holding firm near 6-year highs Tuesday as investors flocked to safety after the US designated Beijing a currency manipulator, escalating a the long running tradedispute between the world’s 2 biggest economies.

  • Spot gold was down 0.1% at $1,461.51 oz, as of 0543 GMT after hitting its highest level since May 2013, at $1,474.81, earlier in the session,
  • US gold futures were also down 0.1%, at $1,474.40 oz.

There have been comments from pundits that China is going to use its currency tool a bit more, because they are beginning to lose their trade deal with the US, but the PBoC denies it.

Energy: Crude Oil prices up 1% Tuesday as traders bets on falling prices covered to lock in profits after declines over the last 3 sessions due to the escalating trade tensions between the US and China.

  • ICE Brent Crude Oil futures +61c, or 1%, to $60.42 bbl by 0544 GMT Tuesday,
  • NYMEX WTI Crude Oil futures +56c or 1%, to $55.25 bbl.

Crude Oil prices may find some support later this week with a preliminary Reuters poll showing US Crude Oil inventories were expected to fall for an 8th week running.

Equities: Global stocks extended losses Tuesday, after President Trump tagged China a currency manipulator, shaking investor sentiment an escalation of the US-China trade dispute.

In early European trade, the pan-region Euro Stoxx 50 futures STXEc1 were down 0.2%, German DAX futures FDXc1 slipped 0.15% and Britain’s FTSE futures FFIc1 lost 0.4%.

MSCI’s broadest index of Asia-Pacific shares sans Japan was down 0.75%. It has lost 3.7% this week.

The Shanghai Composite Index .SSEC retreated 1.4%.

Japan’s Nikkei .N225 shed 0.7%, Australian stocks fell 2.3% and SKorea’s KOSPI .KS11 slid 0.9%.

Currencies: The offshore RMB Yuan (UNH) came off an all-time low on Tuesday after Beijing appeared to take steps to prevent the currency from sliding further, following a sharp drop that prompted the U.S. government to label China a currency manipulator.

USD fell Vs JPY to 105.51, the lowest since a flash crash in January, but then reversed and is up by 1% to 107.11 JPY, as 10-year US Treasury yields and US stock futures turned positive.

The New Zealand Dollar surged 1% to 69.85 JPY, while the Australian Dollar rose 1.2% to 72.42 JPY.

The Australian Dollar rose 0.3% to $0.6778. The Aussie held onto gains after the Reserve Bank of Australia left its benchmark interest rate at a record low of 1.00%, as expected.

The New Zealand Dollar jumped by 0.5% to $0.6562 after New Zealand’s jobless rate fell to 11-yr lows, but the kiwi later erased its gains to trade flat on the day.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,462.54USD-1.06-0.07%Dec 023:09AM EDT
COMEX 100oz Gold »1,463.00USD-1.60-0.11%Aug 192:56AM EDT
Silver Spot »16.39USD+0.000.00%Dec 023:09AM EDT
Platinum Spot »855.23USD+2.23+0.26%Dec 023:09AM EDT
Palladium Spot »1,426.01USD+11.51+0.81%Dec 023:09AM EDT
COMEX Copper »2.55USD+0.02+0.61%Aug 192:20AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »55.24USD+0.55+1.00%Aug 193:08AM EDT
ICE Brent Crude »60.38USD+0.57+0.94%Aug 193:08AM EDT
NYMEX RBOB Gasoline »1.72USD+0.01+0.34%Aug 193:08AM EDT
Dubai Crude Spot »58.98USD+0.83+1.41%Dec 023:18AM EDT
ICE Gas Oil »564.75USD+0.000.00%Aug 193:08AM EDT
NYMEX No2 Heating Oil »1.85USD+0.01+0.75%Aug 193:08AM EDT
NYMEX Nat Gas »2.10USD+0.03+1.19%Aug 193:08AM EDT
ICE NBP Nat Gas »30.96GBP-0.56-1.81%Aug 193:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »404.50USC-0.75-0.19%Sep 193:07AM EDT
CBOT Wheat »494.50USC+0.000.00%Sep 193:08AM EDT
KCBT Wheat »425.50USC-1.25-0.29%Sep 193:05AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »172.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »853.00USC+2.75+0.32%Aug 199:59PM 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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