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 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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,501.40USD-5.45-0.36%Dec 021:19AM EDT
COMEX 100oz Gold »1,505.00USD+0.40+0.03%Aug 198:05PM EDT
Silver Spot »17.04USD-0.08-0.47%Dec 021:19AM EDT
Platinum Spot »844.23USD-4.33-0.51%Dec 021:19AM EDT
Palladium Spot »1,480.41USD-10.60-0.72%Dec 021:19AM EDT
COMEX Copper »2.57USD-0.00-0.08%Aug 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.36USD+0.23+0.41%Sep 191:28AM EDT
ICE Brent Crude »60.36USD+0.33+0.55%Aug 191:28AM EDT
NYMEX RBOB Gasoline »1.69USD+0.01+0.42%Aug 191:00AM EDT
Dubai Crude Spot »59.73USD+0.35+0.59%Dec 021:38AM EDT
ICE Gas Oil »569.75USD+6.25+1.10%Sep 191:25AM EDT
NYMEX No2 Heating Oil »1.86USD+0.00+0.24%Aug 191:23AM EDT
NYMEX Nat Gas »2.22USD+0.00+0.18%Aug 191:28AM EDT
ICE NBP Nat Gas »31.50GBP+0.000.00%Aug 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »360.50USC+1.00+0.28%Sep 191:12AM EDT
CBOT Wheat »460.25USC+0.25+0.05%Sep 191:20AM EDT
KCBT Wheat »388.25USC+1.50+0.39%Sep 191:16AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »165.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean859.00USC+3.25+0.38%Sep 1912:52AM 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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