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

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

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

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
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
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
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
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
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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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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