$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…

  agriculture, Asia, China, Corn, Crude Oil, energy, Fed, GLD, Gold, grains, oil

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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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