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 Up, Crude Oil Steady, Stocks Up

Note: The immediate focus shifts to the minutes of the Fed’s last meeting due Wednesday. Traders are also keenly waiting on the Fed’s Jackson Hole seminar and a Group of Seven summit this weekend for clues on what additional steps policymakers will take to bolster growth.

Headlines

  • USD near 3-wk highs, as global stimulus talk lifts yields
  • Crude Oil prices steady on hopes trade tensions ease
  • Gold steady after slide below Key support $1,500 mark
  • Asia shares up as stimulus hopes temper recession worries

Gold: Gold prices were flat Tuesday, after declining more than 1% Monday hit by an uptick in risk appetite, while investors awaited meetings by policy-makers later in the week for clues on possible interest rate cuts.

  • Spot gold was stable at $1,495.21 oz, at 0438 GMT,
  • US gold futures fell 0.4% to $1,505.20 oz.

There is not a lot of conviction in Tuesday’s trading session for gold… Investors have gained some more confidence about the growth outlook and that weighs on gold

Energy: Crude Oil prices steady Tuesday on optimism that US-China trade tensions would ease and on hopes that major economies would enact stimulus measures to counter a possible global economic slowdown that could affect demand.

  • ICE Brent Crude Oil LCOc1 +1c to $59.75 bbl by 0344 GMT,
  • NYMEX WTI Crude Oil CLc1 -6c to $56.15 bbl.

A Reuters poll of 7 analysts revealed expectations that inventories in the United States fell by 1.9-M bbls in the week to 16 August.

Equities: Asian shares rose Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold.

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.53%, while Japan’s Nikkei rose 0.54%. Wall Street rallied overnight, with the S&P 500 gaining 1.21%.

In early European trade, the pan-region Euro Stoxx 50 futures were flat, German DAX futures were up 0.04%, and Britain’s FTSE futures were 0.03% higher.

Shares in China and Hong Kong swung between gains and losses after China lowered its lending reference rate only slightly in the 1st publication of a new benchmark since new interest rate reforms were announced on Saturday.

US stock futures rose 0.09%, while benchmark 10-yr Treasuries yields eased slightly to 1.5944%, and 2-yr yields traded at 1.5245%

Currencies: USD hanging near a 3-wk highs Tuesday, as expectations policymakers around the world would unleash fresh stimulus drove an improvement in appetite for riskier assets and lifted Us T-Bond yields.

China’s RMB Yuan was down 0.2% at 7.0661 per USD in onshore trade Vs the broadly firmer Buck.

The Buck traded little changed at 106.580 JPY following 3 straight sessions of gainers, having moved away from a 7-month low near 105.000 reached last week.

The Swiss franc (CHF), a currency sought in times of market turmoil and political tensions along with JPY, the USD held near a 2-week high of 0.9820 franc scaled overnight.

The EUR was higher at $1.1086, but it still held close to a 2-week low of $1.1066 set Friday on lingering concerns over political developments in Italy.

The Australian Dollar (AUD) +0.15% to $0.6776 after mins of the RBA August meeting suggested the central bank was not in a hurry to cut rates again.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,497.64USD+2.64+0.18%Dec 022:08AM EDT
COMEX 100oz Gold »1,497.50USD-2.90-0.19%Aug 199:20PM EDT
Silver Spot »16.95USD+0.09+0.55%Dec 022:08AM EDT
Platinum Spot »855.21USD+5.21+0.61%Dec 022:08AM EDT
Palladium Spot »1,481.20USD+7.90+0.53%Dec 022:08AM EDT
COMEX Copper »2.60USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.45 USD+0.24+0.43%Aug 192:10AM EDT
ICE Brent Crude »59.97 USD+0.23+0.38%Aug 192:13AM EDT
NYMEX RBOB Gasoline »1.67 USD+0.01+0.31%Aug 192:14AM EDT
Dubai Crude Spot »59.10 USD+0.21+0.36%Dec 022:24AM EDT
ICE Gas Oil »565.00 USD+4.00+0.71%Sep 192:12AM EDT
NYMEX No2 Heating Oil »1.84 USD+0.00+0.27%Aug 192:13AM EDT
NYMEX Nat Gas »2.20 USD-0.01-0.27%Aug 192:14AM EDT
ICE NBP Nat Gas »30.03 GBP+0.000.00%Aug 1911:56AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »367.50USC+2.50+0.68%Sep 192:11AM EDT
CBOT Wheat »466.50USC+1.00+0.21%Sep 192:12AM EDT
KCBT Wheat »391.00USC-0.25-0.06%Sep 192:11AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »165.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »860.50USC+6.50+0.76%Sep 192:11AM 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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