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 Off, Crude Oil Bounces, Stocks Rally

Chicago Fed President Charles Evans signaled Wednesday he was open to lower rates to bolster inflation and counter risks to economic growth from trade tensions. Futures moved to price in a 100% probability of a Fed easing in September and a near 24% chance of a 1/2 pt cut. Some 75 bpts of easing is implied by January, with rates ultimately reaching 1%.

Headlines

  • Asia stocks find peace in China trade surprise, RMB Yuan’s fix
  • Crude Oil jumps on expectations producers may cut supply after 4% slump. The world is awash in Crude Oil and is in a Bear Market
  • Gold holds above $1,500 oz on trade dispute, global growth concerns

Gold: Gold held steady Thursday, hanging near the Key psych mark at $1,500, supported by uncertainties around US-China trade war and lots of interest rate cuts by global central banks amid fears of an economic slowdown.

  • Spot gold was flat at $1,501 os as of 0620 GMT,
  • US Dec gold futures were down 0.3% at $1,515.20 oz.

Holdings of SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, rose 1.02% to 845.42 tonnes Wednesday.

The moves by central banks around the world are very important, and the focus we are getting on currency markets for potential for competitive devaluation remains supportive for gold.

Energy: Crude Oil futures jumped $1.50+ Thursday, recovering 50% of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts.

  • ICE Brent Crude Oil futures rebounded to $57.81 bbl, up $1.58, or 2.81%, from its last close by 0634 GMT,
  • NYMEX WTI Crude Oil futures jumped $1.61, or 3.15%, to $52.70 bbl

Both benchmark contracts fell to their lowest since January Wednesday after a surprise build in US Crude Oil inventories added to worries that the US-China trade dispute could further dampen demand growth in a supply glut this year.

Equities: Asian shares are piece together a rally Thursday as Beijing reported surprisingly solid trade numbers while also limiting the fall in its RMB Yuan, offering some peace from fears of a global currency war.

MSCI’s broadest index of Asia-Pacific shares sans Japan bounced 0.9%, is is still down more than 7% over the past 2 weeks.

Japan’s Nikkei edged up 0.5%, and away from 7-month lows, while Chinese blue chips rose 1.2%, E-Mini futures for the S&P 500 firmed 0.5% and EUROSTOXX futures 1%.

Currencies: .DXY is off 0.1% after falling to a 2-week low earlier this week Vs a basket of 6 peer currencies.

JPY now at 106.16 per USD from 109.30 just a week ago. Euro bounced to $1.1208, from a 2 year low of $1.1025, .DXY has fell to 97.542, from a recent high at 98.932.

New Zealand’s Dollar (NZD) still shocked after sliding as much as 2.6% Wednesday when the country’s central bank slashed rates by a steep 50 bpts and flagged the risk of negative rates. The Kiwi was at $0.6456, down 1.1% on the week.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,498.83USD-1.97-0.13%Dec 023:18AM EDT
COMEX 100oz Gold »1,497.70USD-9.60-0.64%Aug 193:04AM EDT
Silver Spot »17.07USD-0.03-0.18%Dec 023:18AM EDT
Platinum Spot »861.03USD-0.97-0.11%Dec 023:18AM EDT
Palladium Spot »1,423.10USD+8.10+0.57%Dec 023:18AM EDT
COMEX Copper »2.57USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »52.53USD+1.44+2.74%Aug 193:17AM EDT
ICE Brent Crude »57.49USD+1.26+2.19%Aug 193:18AM EDT
NYMEX RBOB Gasoline »1.65USD+0.03+1.66%Aug 193:16AM EDT
Dubai Crude Spot »56.49USD-0.22-0.39%Dec 023:26AM EDT
ICE Gas Oil »542.25USD+8.50+1.57%Aug 193:17AM EDT
NYMEX No2 Heating Oil »1.78USD+0.03+1.41%Aug 193:16AM EDT
NYMEX Nat Gas »2.11USD+0.03+1.23%Aug 193:17AM EDT
ICE NBP Nat Gas »31.01GBP-0.59-1.90%Aug 193:14AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »406.50USC+0.000.00%Sep 193:14AM EDT
CBOT Wheat »489.75USC+1.50+0.31%Sep 193:14AM EDT
KCBT Wheat »418.25USC+0.50+0.12%Sep 193:16AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »170.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»851.75USC+3.00+0.35%Aug 192:34AM 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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