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

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

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

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

Headlines

  • Crude Oil hits 6-wk highs on hopes of extended OPEC output cuts
  • Asian stocks mostly weaker on steep Chinese factory price declines
  • Gold hits 4-wk low as stimulus hopes, trade optimism boost risk-on mode
  • JPY, CHF fall as fading risks take shine off safe-havens

Gold:  Gold prices dropped to 4-wk lows Tuesday, as investor appetite for riskier assets found support on hopes of global stimulus and expectations of a breakthrough in the continuing trade dispute.

  • Spot gold was down 0.5% at $1,490.68 oz, as of 0152 GMT,
  • US gold futures were down 0.9% at $1,497.4 oz.

US Treasury Secretary Mnuchin said Monday he did not see the threat of a recession as The Trump Administration seeks to revive trade negotiations with China, adding that he expected a positive year ahead for the US economy

Energy: Crude Oil futures hit a 6-wk high Tuesday, rising for a 5th day running on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

  • ICE Brent Crude Oil LCOc1 was up 26c, or 0.4%, at $62.85 bbl by 0349 GMT,
  • NYMEX WTI Crude Oil CLc1 was 27c, or 0.5%, higher at $58.12 bbl.

US Crude Oil gained more than 2% Monday, Brent finished the day 1.7% higher as the market reacted to the appointment by Saudi Arabia’s King of his son, Prince Abdulaziz bin Salman, as energy minister Sunday.

Equities: Most Asian stocks are lower Tuesday, weighed by Chinese markets after data showed mainland factory prices shrinking at their fastest pace in 3 years while reports of German stimulus plans pushed global bond prices down.

The data pushed blue chip shares in China .CSI300 down 0.76%, which in turn drove an index of Asian stocks sana of Japan .MIAPJ0000PUS 0.3% lower, having traded flat earlier in the session.

US stock futures ESc1 were down 0.08% in Asia after the S&P 500 .SPX ended flat in New York Monday.

Australian shares were down 0.49%.

Bucking the trend, Japan’s Nikkei stock index .N225 rose 0.2%.

Currencies: .DXY flat Vs a basket of peer currencies at 98.359

JPY and CHF fell to 5-wk lows Tuesday as investors looked for higher-risk currencies, emboldened by a report of German stimulus plans, diminishing chances of a no-deal BREXIT and hopes of a trade dispute breakthrough.

GBP stood just under a 6-wk high at $1.2385, hit overnight after a British law blocking a no-deal exit from the EU came into force.

The SKorean Won and New Zealand Dollar drifted higher, Won holding close to a month high at 1,191.0 per USD and the Kiwi close to a 3-wk high at $0.6434.

 RMB Yuan held mostly flat around 7.1169 per dollar.

Traders remained cautious ahead of a Key European Central Bank meeting Thursday, at which policymakers are expected to ease monetary policy.

EUR was flat at $1.1043, underneath an overnight high of $1.1067 hit following a Reuters report that Germany may set up public investment agencies to boost fiscal stimulus without breaching national spending rules.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,489.20USD-9.45-0.63%Dec 022:08AM EDT
COMEX 100oz Gold »1,488.00USD-14.20-0.95%Sep 1911:02PM EDT
Silver Spot »17.85USD-0.11-0.62%Dec 022:08AM EDT
Platinum Spot »933.18USD-13.06-1.40%Dec 022:08AM EDT
Palladium Spot »1,541.35USD-2.66-0.17%Dec 022:08AM EDT
COMEX Copper »2.61USD+0.000.00%Sep 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »58.11USD+0.26+0.45%Sep 192:07AM EDT
ICE Brent Crude »62.83USD+0.24+0.38%Sep 192:07AM EDT
NYMEX RBOB Gasoline »1.59USD+0.01+0.55%Sep 192:07AM EDT
Dubai Crude Spot »61.19USD+0.11+0.18%Dec 022:17AM EDT
ICE Gas Oil »592.25USD+0.000.00%Sep 192:05AM EDT
NYMEX No2 Heating Oil »1.93USD+0.01+0.33%Sep 192:02AM EDT
NYMEX Nat Gas »2.60USD+0.02+0.69%Sep 192:07AM EDT
ICE NBP Nat Gas »31.43GBP+0.000.00%Sep 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »344.00USC+3.25+0.94%Sep 198:07PM EDT
CBOT Wheat »468.00USC-6.50-1.39%Sep 198:42PM EDT
KCBT Wheat »375.00USC-5.00-1.33%Sep 198:00PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »153.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»845.00USC+0.000.00%Sep 195:39PM 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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