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

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

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

FLASH: Gold Off, USD Flat, Crude Oil Off, Stocks Up

Headlines

  • Asian stocks like President Trump’s delay of some China tariffs
  • Crude Oil prices fall as China economic data disappoints
  • Gold prices slip, President Trump’s trade concession boosts equities
  • USD’s advance stalled as the sharp rise in US yields seen overnight ran out of momentum.

Gold: Gold prices slipped Wednesday after the US delayed tariffs on some Chinese imports, easing trade concerns, although political uncertainties and lingering global growth concerns limited losses for the safe-haven precious Yellow metal.

  • Spot gold was down 0.3% to $1,497.17 oz, as of 0452 GMT,
  • US gold futures were down 0.2% to $1,510.70 oz.

Easing in trade tensions, geopolitical risks have provided some sort of hope in the markets which boosted equities, because of this there is a brief pullback in gold prices. But, the trade dispute is snot resolved. Geopolitical risks in Hong Kong, trends in global growth and we are also expecting at least 1 to 2 more cuts from the Fed, these factors are supportive for gold.

Energy: Crude Oil prices fell Wednesday on disappointing economic data from China and a rise in Us inventories, erasing some of the sharp gains in the prior session.

  • ICE Brent Crude Oil was down 46c, or 0.8%, at $60.84 bbl at 0639 GMT,
  • NYMEX WTI Crude Oil was down 62c, or 1.1%, at $56.48 bbl.

China reported a raft of unexpectedly weak data for July, including a surprise fall in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade dispute with the United States intensifies.

Deteriorating China industrial output and consumer spending suggest the fundamental picture is not great and the demand for energy is under the pressure.

Equities: Asian stocks joined a global equities rally Wednesday, after Washington delayed tariffs on some Chinese imports and gave some needed relief for markets clouded by political and economic chaos.

In early European trade, futures for the pan-region Euro Stoxx 50 STXEc1 were up 0.15%, German DAX FDXc1 0.17% and Britain’s FTSE FFIc1 0.25%.

Wall Street stocks soared overnight as President Trump backed off his 1 September deadline for 10% tariffs on the remaining Chinese imports.

The rally in US stocks lifted MSCI’s broadest index of Asia-Pacific shares sans Japan by 0.8%.

The Shanghai Composite Index .SSEC advanced 0.6%, while Hong Kong’s Hang Seng .HSI, which has been hurt by disruptions from large anti-government protests, rose 0.5%.

SKorea’s KOSPI .KS11 advanced 0.7%, and Japan’s Nikkei .N225 rose 1%.

Note: The S&P 500 .SPX advanced to a record high at the end of July, but it has lost some momentum on some trade anxiety. The index rose 1.5% Tuesday, but is still down 1.8% in August.

Currencies: .DXY Vs a basket of 6 peer currencies was flat at 97.822 after advancing nearly 0.5% the prior day.

Safe-haven yen advanced 0.25% to 106.485 per USD, as the weaker-than-expected Chinese economic data reinforced the view that resolving the trade war was a long way off.

EUR was steady at $1.1169 after slipping 0.4% Vs USD Tuesday.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.41 USD-0.69-1.22%Aug 193:11AM EDT
ICE Brent Crude »60.77 USD-0.53-0.87%Aug 193:11AM EDT
NYMEX RBOB Gasoline »1.72 USD-0.01-0.82%Aug 193:10AM EDT
Dubai Crude Spot »59.54 USD-0.10-0.17%Dec 023:21AM EDT
ICE Gas Oil »576.75 USD+0.75+0.13%Sep 193:11AM EDT
NYMEX No2 Heating Oil »1.87 USD-0.01-0.56%Aug 193:10AM EDT
NYMEX Nat Gas »2.16 USD+0.02+0.74%Aug 193:11AM EDT
ICE NBP Nat Gas »32.50 GBP-1.14-3.51%Aug 193:10AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,499.97USD-1.17-0.08%Dec 023:18AM EDT
COMEX 100oz Gold »1,497.00USD-5.20-0.35%Aug 192:38AM EDT
Silver Spot »16.97USD+0.01+0.05%Dec 023:18AM EDT
Platinum Spot »847.54USD-4.46-0.53%Dec 023:18AM EDT
Palladium Spot »1,445.73USD-9.27-0.64%Dec 023:18AM EDT
COMEX Copper »2.62USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »369.25USC+3.25+0.88%Sep 193:12AM EDT
CBOT Wheat »478.75USC+6.75+1.41%Sep 193:12AM EDT
KCBT Wheat »389.00USC+5.50+1.41%Sep 193:12AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »166.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »872.00USC+0.000.00%Aug 195:36PM 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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