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

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


Gold Steady
USD Steady
Crude Oil Down
Stocks Off

In Asia

Notes: China closed all week for the Lunar New Year

Thursday, the EC sharply cut its forecasts for euro zone economic growth due to global trade tensions and a numberof domestic challenges.

Messrs. Mnuchin and Lighthizer are expected to kick off another round of trade talks in Beijing next week to push for a deal to protect American intellectual property and avert a 2 March increase in US tariffs on Chinese goods.

The Cboe Volatility (VIX) Index, Wall Street’s so-called “fear gauge,” dropped to 15.60, its lowest marks in 4 months.

Gold: Gold price held steady Friday on worries that a prolonged US-China trade dispute could worsen global economic slowdown, but a strong USD put bullion on track for its 1st weekly loss in 3.

  • Spot gold was steady at $1,309 oz, as of 0700 GMT, after the preciour Yellow metal hit its lowest since 29 January at $1,302.11 Thursday.
  • US gold futures were down 0.1% at $1,312.70.

Among other precious metals

  • Palladium eased 0.2% to $1,381.90 oz
  • Silver was down 0.4% at $15.65
  • Platinum was 0.4% lower at $792. 

US President Trump said Thursday he did not plan to meet with Chinese President Xi before the 1 March deadline set by the 2 countries to achieve a trade deal. The 2 countries had taken a 90-day hiatus in their trade dispute to work out a deal.

Energy: Crude Oil markets fell Friday on worries over a global economic slowdown, although OPEC-led supply cuts and US sanctions Vs Venezuela provided some support.

  • NYMEX WTI Crude Oil futures were at $52.24 bbl by 0641 GMT, down 40c, or 0.8%, from Thursday’s settlement.
  • ICE Brent Crude Oil futures were down by 41c, or 0.7%, at $61.22 bbl.

Weighing on financial markets are concerns that trade disputes between the United States and China could remain unresolved, denting global economic growth prospects.

Equities: Asian stocks lost ground Friday as investors worried about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade dispute.

Spread-betters expected European stocks to open mixed, with Britain’s FTSE up 0.1%, Germany’s DAX retreating 0.05% and France’s CAC starting flat.

MSCI’s broadest index of Asia-Pacific shares sans Japan shed 0.5%, easing back from a 4-month peak touched the prior day. The index was down 0.1% on the week.

Hong Kong’s Hang Seng lost 0.25% and SKorea’s KOSPI retreated 1.1%. Japan’s Nikkei declined about 2%.

Currencies: EUR sagged under the weight of declining German bund yields. The single currency was little changed at $1.1339 after dropping to a 2-week low of $1.1325 the prior day. It was on track for a 1% weekly loss.

USD was a shade lower at 109.750 JPY, nudged off a high of 110.09 reached the prior day. JPY tends to attract demand in times of political tensions and market volatility due to its perceived safe-haven status.

USD was headed for a small weekly gainer of 0.3 Vs JPY, supported by the earlier rise in Treasury yields.

The Australian $ was last trading down 0.35% at $0.7079 after the Reserve Bank of Australia (RBA) cut its growth outlook.

The Aussie slid sharply Wednesday after the RBA stepped back from its long-standing tightening bias, saying the next move in rates could just as well be down as up. The currency was headed for a weekly loss of 2.3%

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

NYMEX Crude Oil »52.30 USD-0.34-0.65%Feb 192:02AM EST
ICE Brent Crude »61.26 USD-0.37-0.60%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.41 USD-0.02-1.07%Feb 191:59AM EST
Dubai Crude Spot »61.42 USD-0.22-0.36%Dec 022:10AM EST
ICE Gas Oil »575.00 USD+0.75+0.13%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.89 USD-0.01-0.67%Feb 192:02AM EST
NYMEX Nat Gas »2.59 USD+0.03+1.32%Feb 192:02AM EST
ICE NBP Nat Gas »49.25 GBP-0.56-1.14%Feb 197:00PM EST
Gold Spot »1,307.95USD-2.08-0.16%Dec 027:00PM EST
COMEX 100oz Gold »1,307.90USD-1.50-0.11%Feb 191:32AM EST
Silver Spot »15.67USD-0.04-0.24%Dec 027:00PM EST
Platinum Spot »792.44USD-3.06-0.39%Dec 027:00PM EST
Palladium Spot »1,382.61USD-2.39-0.17%Dec 027:00PM EST
COMEX Copper »2.82USD-0.01-0.48%Feb 199:04PM EST
CBOT Corn »377.50USC+1.00+0.26%Mar 192:14AM EST
CBOT Wheat »514.50USC+1.25+0.24%Mar 192:14AM EST
KCBT Wheat »497.25USC+1.00+0.20%Mar 192:10AM EST
MGE Spring Wheat »563.25USC-1.25-0.22%Mar 192:10AM EST
Euronext Milling Wheat »202.00EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »914.50USC+1.25+0.14%Mar 192:04AM EST

Have a terrific weekend…

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