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

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

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

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 G-7 Summit this weekend for clues on what additional steps policymakers will take to bolster growth.

Headlines

• Brent Crude Oil futures climb above $60 bbl on US inventory draw
• Gold prices steady above $1,500, Fed mins in focus
• Caution holds Asian shares before Fed mins
• Political turmoil in Hong Kong, Britain and Italy has heightened uncertainties for investors.

Gold: Gold prices steady Wednesday after recovering to above the Key $1,500 oz mark in Tuesday session.

• Spot gold off 0.2% to $1,503.25 oz by 0344 GMT,
• US gold futures were down 0.2% at $1,513.30 oz

Minutes from the FOMC’s most recent meeting in July, when the Fed cut rates for the 1st time since the Y 2008 financial crisis, are due Wednesday.

The mins are going to set up a foundation of what to expect, and then Jackson Hole will provide clarity as to whether the Fed is finally coming to the party with potential monetary policy support,

Energy: Brent Crude Oil futures rose above $60 bbl Wednesday after a data report showed a larger-than-expected drop in US inventories, but ongoing worries about a possible global recession capped gains.

• ICE Brent Crude Oil gained 32c, or 0.5%, to $60.35 bbl by 0403 GMT,
• NYMEX WTI Crude Oil was up 25c, or 0.45%, at $56.38 a bbl.

US Crude Oil stocks fell by 3.5-M bbl in the week to 16 August data from industry group the American Petroleum Institute (API) showed Tuesday. Analysts polled expected a fall of 1.9-M bbl.

Equities: Asian shares flat-lined Wednesday as worries about global recession and endless trade disputes vied with hopes for a lot more monetary and fiscal stimulus to keep growth going.

Currencies: MSCI’s broadest index of Asia-Pacific shares sans Japan dithered either side of flat after 3 days running of gainers.

Japan’s Nikkei slipped 0.4%, while Shanghai blue chips lost -0.1%. E-Mini futures for the S&P 500, which added 0.25%, while EUROSTOXX 50 futures edged up 0.1%.

USD was a bit firmer on the JPY at 106.48 after losing 0.4% Tuesday, while GBP was last trading at $1.2170.

The EUR traded water near Tuesday’s high at $1.1101

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

Stay tuned…