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 Flat, Crude Oil Up, Stocks Up

Headlines

  • Crude Oil edges up on expectations of more OPEC output cuts
  • Gains for Asian shares capped by trade issues, China stocks fall
  • .DXY flat to little changed Vs its 6 peers
  • Gold sees best week in over 3 years on trade and growth concerns

Gold:  Gold firmed above the Key $1,500 mark Friday, headed to its best week since April 2016. The precious Yellow metal has risen 4.6% so far this week, on track for its best week in more than 3 years.

  • Spot gold was up 0.5% at $1,507.22 oz as of 0601 GMT,
  • US gold futures rose 0.6% to $1,519 oz.

We are see that markets are pricing in further rate cuts on the back of rising trade tensions, certainly supporting investment demand for gold

Gold has risen more than 17% so far this year, and sprinted more than $100 over the past week, driven by trade tensions and an increasingly Dovish monetary policy shift by central banks amid fears of slowing growth.

Energy: Crude Oil prices are up Friday as expectations of more OPEC production cuts provided some support, although concerns over the long-running US-China trade capped gains.

  • ICE Brent Crude Oil futures, were at $57.54 bbl by 0646 GMT, +16c, or 0.3%,
  • NYMEX WTI Crude Oil futures were at $52.68 bbl, up 14c, or 0.3%, from their last close.

Oil prices have still lost 20% plus from marks reached in April, putting them in Bear market territory.

Equities: Asian shares inched up on Friday, helped by Wall Street’s rally, but fresh concerns about US-China trade ties capped gains in the region.

Pan-European Euro Stoxx 50 futures fell 0.2% in late Asian trade, indicating that European cash share markets will open lower Friday.

MSCI’s broadest index of Asia-Pacific shares sans Japan was 0.2% higher, but on track to lose 2.3% for the week.

Japan’s Nikkei average gained 0.4%, while Australian stocks added 0.3% and SKorean shares jumped 1.1%.

Early gains by Chinese stocks were erased after data showed the country’s producer prices fell for the 1st time in 3 years in July.

The benchmark Shanghai Composite and the blue-chip CSI300 were down 0.8% and 1.0%, respectively, while Hong Kong’s Hang Seng eased 0.2%.

Currencies: The offshore RMB Yuan (CNH) was stable Vs USD even after China’s central bank set the daily midpoint at 7.0136 per USD, its weakest level since 2 April 2008.

The CNY fetched 7.0505 per USD in onshore trade, while offshore RMB Yuan (CNH) traded at 7.0767, steady on the day.

.DXY was flat to little changed at 97.541 on track for its biggest weekly decliner since late June.

GBP briefly hit its 2-year low Vs EUR overnight after the FT reported that Prime Minister Boris Johnson was preparing to hold an election in the days following BREXIT.

GBP was last quoted at 92.21p per EUR, down 0.1% on the day, and was traded Vs USD at $1.2138 , steady on the day.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,503.20USD+3.20+0.21%Dec 022:59AM EDT
COMEX 100oz Gold »1,504.10USD+6.40+0.43%Aug 192:20AM EDT
Silver Spot »16.96USD+0.06+0.38%Dec 022:59AM EDT
Platinum Spot »862.23USD+1.73+0.20%Dec 022:59AM EDT
Palladium Spot »1,425.00USD+4.00+0.28%Dec 022:59AM EDT
COMEX Copper »2.60USD+0.000.00%Aug 191:14PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »52.71USD+0.17+0.32%Aug 192:58AM EDT
ICE Brent Crude »57.57USD+0.19+0.33%Aug 192:58AM EDT
NYMEX RBOB Gasoline »1.65USD+0.00+0.24%Aug 192:57AM EDT
Dubai Crude Spot »56.57USD-0.09-0.16%Dec 023:07AM EDT
ICE Gas Oil »545.00USD+2.25+0.41%Aug 192:57AM EDT
NYMEX No2 Heating Oil »1.78USD+0.00+0.25%Aug 192:58AM EDT
NYMEX Nat Gas »2.11USD-0.02-0.85%Aug 192:58AM EDT
ICE NBP Nat Gas »33.88GBP+0.000.00%Aug 1911:55AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »410.75USC-0.25-0.06%Sep 192:56AM EDT
CBOT Wheat »499.00USC+0.50+0.10%Sep 192:58AM EDT
KCBT Wheat »418.00USC-0.50-0.12%Sep 192:50AM 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 »865.00USC+0.000.00%Aug 1910:32AM EDT

Have a terrific weekend.

The following two tabs change content below.

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.

You must be logged in to post comments :  
CONNECT WITH