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 Off, Crude Oil Off, Stocks Off

Headlines

  • Asian shares of on trade worries
  • Crude Oil off despite supply/demand issues
  • The Argentine Peso collapsed overnight
  • Gold marked fresh news highs

Gold: Gold prices marked their highest in more than 6 years Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier assets.

  • Spot gold rose 0.3% at $1,515.56 oz as of 0518 GMT, after hitting its highest since April 2013 at $1,518.03,
  • gold futures rose 0.6% to $1,526.90 oz

It is a pretty straight forward case of risk aversion. Crisis in Argentina and political deterioration in Hong Kong; underlying all of this, global growth is slowing.

Energy: Crude Oil prices off Tuesday, offsetting narrow gains in the prior session, as sluggish demand forecasts countered expectations that major producers would prop up prices by limiting output.

  • ICE Brent Crude Oil futures LCOc1 were -18c or 0.3%, from the prior settlement, to $58.39 bbl by 0310 GMT,
  • NYMEX WTI Crude Oil CLc1 futures were at 54.81 bbl, down by 12c, or 0.2%, from Monday’s close.

Gloomy forecasts for the global economy and Crued Oil demand growth have also dragged on prices as the trade dispute between the United States and China escalates.

Equities: Asian shares fell Tuesday as fears about a drawn out US-China trade dispute, protests in Hong Kong and a crash in Argentina’s Peso currency drove investors to safe harbors like bonds, gold, and JPY.

MSCI’s broadest index of Asia-Pacific shares sans Japan off 1%. Chinese stocks fell 0.8%, while Hong Kong’s main market index dove to more than 1% to 7-month lows.

Japan’s Nikkei was also hit hard, down a sharp 1.5% and on course for its biggest daily decliner in a week.

Stocks in Singapore shed 1.1% to reach their lowest since 6 June after the government slashed its full-year economic growth forecasts. The city state is often seen as a bellwether for global growth because of its importance

US stock futures were 0.13% higher in Asia, but that did little to ease the mood.

Currencies: The Argentine Peso collapsed overnight, falling to 55.85 to USD, after voters snubbed Mr. Macri by giving the opposition a surprisingly bigger-than-expected victory in Sunday’s primary election.

JPY last fetched 105.37 per USD, and within striking distance of 105.03, its strongest since the 3 January flash crash.

The Swiss Franc (CHF), which along with JPY is considered a safe-haven in times of trouble, traded at 0.9697 per USD, near its highest in a year.

PBoC  lowered its official RMB Yuan midpoint for the 9th straight day to a fresh 11-year low Tuesday to reflect broad weakness in the local unit.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »54.67 USD-0.26-0.48%Aug 192:13AM EDT
ICE Brent Crude »58.28 USD-0.29-0.50%Aug 192:14AM EDT
NYMEX RBOB Gasoline »1.66 USD-0.01-0.56%Aug 192:13AM EDT
Dubai Crude Spot »57.28 USD-0.29-0.51%Dec 022:24AM EDT
ICE Gas Oil »556.50 USD-0.50-0.09%Sep 192:11AM EDT
NYMEX No2 Heating Oil »1.80 USD-0.01-0.30%Aug 192:14AM EDT
NYMEX Nat Gas »2.11 USD+0.01+0.43%Aug 192:12AM EDT
ICE NBP Nat Gas »32.27 GBP+0.000.00%Aug 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,520.32USD+9.17+0.60%Dec 022:18AM EDT
COMEX 100oz Gold »1,515.10USD+9.80+0.65%Aug 1912:44AM EDT
Silver Spot »17.34USD+0.29+1.67%Dec 022:18AM EDT
Platinum Spot »861.10USD+8.60+1.00%Dec 022:18AM EDT
Palladium Spot »1,437.50USD+10.00+0.70%Dec 022:18AM EDT
COMEX Copper »2.58USD-0.00-0.08%Aug 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »376.25USC-9.00-2.39%Sep 192:20AM EDT
CBOT Wheat »471.75USC+0.000.00%Sep 192:20AM EDT
KCBT Wheat »395.25USC+3.00+0.76%Sep 192:21AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »167.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »861.50USC+0.000.00%Aug 196:09PM 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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