Crude Oil Off a Bit
Stocks Flat to Little Change
Notes: The Federal Open Markets Committee (FOMC) will hold its next policy-setting press conference on 30 January no hike expected.
Officials from Washington and Beijing are set to launch a new round of trade talks on Wednesday aimed at resolving their disputes amid which both sides have slapped hefty import tariffs on each other’s goods.
Gold: Gold prices traded higher Wednesday in Asia and hit 8-month highs ahead of a highly-anticipated meeting between Chinese and US officials later in the day.
- Gold futures contract was up $4.40, or 0.3%, at $1,313.30 on the New York Merc’s COMEX division by 1:30 AM ET (06:30 GMT), the highest mark since 14 May.
Trade discussions between the US and China are likely to be the major directional driver later this week. China’s Vice Premier Liu He is set to begin trade talks with US officials, including President Donald Trump, in Washington Wednesday.
Energy: Crude Oil prices rose Wednesday as concerns about supply disruptions following US sanctions on Venezuela’s oil industry outweighed pressure from a darkening outlook for the global economy.
- NYMEX WTI Crude Oil futures were at $53.43 bbl at 0644 GMT, +12c, or 0.2%, above Tuesday’s settlement
- ICE Brent Crude Oil futures rose 21c, or 0.3%, to $61.53 bbl.
Washington announced Monday export sanctions against state-owned oil firm Petroleos de Venezuela SA (PDVSA), limiting transactions between US companies that do business with Venezuela’s state-owned Crude Oil firm PDVSA.
US refiners last week asked the administration not to issue sanctions, according to a letter seen by Reuters Tuesday
Equities: Japan’s Nikkei fell Wednesday, with index component Dainippon Sumitomo Pharma plunging after a clinical trial for a new drug failed to complete, offsetting optimism over a spurt in Apple’s shares.
The Nikkei share average declined 0.5% to 20,556.54, after opening a higher. Though sentiment is weak, the index has managed to stay above its 25-Day MA at 20,325.
US S&P 500 e-mini futures were little changed. They had traded much of the session slightly in positive territory after Apple shares rose 5.7 percent after the bell as the iPhone maker reported sharp growth in its services business.
Currencies: GBP tried to find its footing Wednesday after sliding on fresh concerns about the possibility of a “no-deal” BREXIT, while the USD eased ahead of the Fed’s policy decision.
Vs GBP the EUR was slightly lower at 87.41p having surged 0.8% Tuesday.
The single currency was steady at $1.1435 after brushing a 2-week high of $1.1450 overnight.
.DXY Vs a basket of 6 peer currencies dipped 0.1% to 95.732 following a slip to a 2-week low of 95.620 overnight after US Treasury yields declined ahead of the Fed’s policy statement.
The Buck edged down 0.1% to 109.29 JPY, handing back the prior day’s gains.
The Australian Dollar was up 0.5% at $0.7192, lifted after the country’s consumer prices beat expectations last Quarter.
China’s RMB Yuan extended its gains and advanced to 6.7135 per USD in onshore trade, its strongest mid-July 2018.
Commodities: Energy, Metals, and Agriculture Grains
|COMMODITY||LAST||CHANGE||% CHANGE||EXP DATE||TIME|
|NYMEX Crude Oil »||53.32 USD||+0.01||+0.02%||Feb 19||1:57AM EST|
|ICE Brent Crude »||61.39 USD||+0.07||+0.11%||Jan 19||7:00PM EST|
|NYMEX RBOB Gasoline »||1.36 USD||+0.01||+0.46%||Jan 19||1:28AM EST|
|Dubai Crude Spot »||60.98 USD||+0.00||0.00%||Dec 02||2:08AM EST|
|ICE Gas Oil »||574.00 USD||+1.75||+0.30%||Feb 19||7:00PM EST|
|NYMEX No2 Heating Oil »||1.90 USD||+0.00||+0.01%||Jan 19||1:52AM EST|
|NYMEX Nat Gas »||2.89 USD||-0.01||-0.45%||Feb 19||1:56AM EST|
|ICE NBP Nat Gas »||55.13 GBP||+0.00||0.00%||Jan 19||7:00PM EST|
Metals and Agriculture Grain live quotes N/A