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

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

Headlines

• JPY holds gains, traders seek safety
• Crude Oil prices steady after big fall on recession concerns, inventory rise
• Stocks feel pain, as bond markets talk recession
• Gold gains as recession fears drive safe-haven demand

Gold: Gold prices rose Thursday, as investors flocked to safer havens after an inverted US bond yield curve pointed to new recession fears following poor economic data from Germany and China.

• Spot gold was up 0.2% at $1,519.51 oz as of 0522 GMT,
• US gold futures gained 0.2% to $1,530.50 oz.

We are seeing flight to safety, market confidence is shaky, the economy is showing signs of weakness and it’s starting to slow in 2-H of this year.

A successful breakout at $1,525 oz will see gold Bulls make an attempt on previous highs at $1,535.

Energy: Crude Oil prices steadied Thursday, following sharp overnight losses as US inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.

• ICE Brent Crude LCOc1 was down 13c, or 0.2%, at $59.35 bbl by 0643 GMT,
• NYMEX WTI Crude Oil CLc1 was up 5c or 0.1%, at $55.28 bbl.

Crude Oil prices, though supported by OPEC-led production curbs face severe headwinds as traders swing between demand-side worries and supply curtailment policies

Equities: Asian stocks extended a punishing sell-off Thursday as investors feared an historic drop in long-term US T-Bond yields might augur a recession globally.

MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS dropped 0.7% and tapped a 7-month low.

Japan’s Nikkei average .N225 was off 1.3%, while China’s benchmark Shanghai Composite .SSEC lost 0.4% and Hong Kong’s Hang Seng .HSI wa flat on the day.

The major US stock indexes fell about 3% Wednesday, with the blue-chip DJIA posting its biggest 1-day point fall since October 2018.

Currencies: JPY held gains against major currencies Thursday as sliding US Treasury yields fanned fears of a global economic downturn and drove investors into safe-haven assets.

USD was little changed at 105.90 JPY in Asian trading Thursday. On Wednesday, the JPY rallied 0.8% versus the Buck, its biggest daily gainer in 2 weeks.

.DXY, stood at 97.914 after a 0.2% gainer Wednesday.

The Swiss franc CHF=EBS last traded at 0.9735, holding on to a 0.3% gainer posted Wednesday.

GBP was little changed at $1.2069. The GBP has been in a tight trading range recently due to lingering uncertainties about whether Britain will exit the EU without transitional trading agreements.

The Aussie AUD=D3 rose 0.5% to $0.6786 after data showed the Australian economy added a forecast-busting 41,100 new jobs in July.

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

Stay tuned…

  Asia, China, Corn, Crude Oil, energy, Fed, GLD, Gold, grains, oil, riculture, SLV, SOY, stocks

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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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