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

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


Gold Steady, USD Higher, Crude Oil Up, Stocks Up

In Asia

Notes:  US Treasury Secretary Steven Mnuchin said Wednesday he hopes for “productive” trade meetings in China this week, as the 2 countries seek to hammer out an agreement to resolve the trade dispute.

The Cboe Volatility Index (VIX) dropped overnight to as low as 14.95, its lowest mark in more than 4 months.

Gold: Gold prices up Wednesday, supported by a weaker USD on hopes of a deal between the US and China over its trade dispute, improved risk appetite capped the precious Yellow metals’ gains.

  • Spot gold was +0.2% at $1,313.43 oz as of 0619 GMT
  • US gold futures +0.2% at $1,316.6 oz.

Energy: Asia’s Crude Oil refiners are finding themselves trapped between the rock of OPEC’s production cuts and the hard place of US President Trump’s sanctions against Iran and Venezuela.

  • ICE Brent Crude Oil futures gained 91c, or 1.5%, to settle at $62.42 Tuesday,
  • NYMEX WTI Crude Oil futures gained 69c, or 1.3%, to settle at $53.10 bbl Tuesday.

The region accounts for about 50% of the world’s refining capacity is still able to source Crude Oil, but it is becoming harder to get hold of the grades of petroleum that many Asian refiners prefer.

Equities: Asian stocks marked more than 4-month highs Wednesday, lifted by optimism that the United States and China might be able to hammer out a deal to resolve their trade dispute.

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.6% to its highest mark since early October and Japan’s Nikkei average climbed 1.3% to an 8-week high.

China’s Shanghai Composite and blue-chip CSI 300 were both up around 2% to multi-month highs, with IT shares leading the gains on Beijing’s promise to push for core technology and innovation.

Asia took its cue from Wall Street, where the DJIA and NAS Comp each rallied about 1.5% overnight on optimism over US-China trade negotiations and a tentative US congressional spending deal to avert another partial government shutdown.

European shares are expected to open higher, with financial spread-betters seeing Britain’s FTSE, France’s CAC and Germany’s DAX each ticking up between 0.4 and 0.5%.

Currencies: USD was on the defensive, investors shifted their money to riskier assets amid hopes for a US-China trade deal.

.DXY stood at 96.667 after its 8-day winning run came to an end overnight to push it away from a 2-month high.

EUR was a bit higher at $1.1336

USD Vs USD, the Buck +0.2+ to 110.705 yen, its highest mark in 1.5 months.

Kiwi (NZD) 1.7% a 1-week high of $0.6852 after the Reserve Bank of New Zealand held the official cash rate at a record low of 1.75% and sounded less Dovish than markets bet on, forcing Short covering

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

NYMEX Crude Oil »53.63 USD+0.53+0.99%Feb 191:41AM EST
ICE Brent Crude »63.05 USD+0.63+1.00%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.44 USD+0.02+1.09%Feb 191:41AM EST
Dubai Crude Spot »63.30 USD+0.21+0.33%Dec 021:52AM EST
ICE Gas Oil »588.00 USD+5.00+0.85%Mar 197:00PM EST
NYMEX No2 Heating Oil »1.93 USD+0.02+0.96%Feb 191:41AM EST
NYMEX Nat Gas »2.61 USD-0.08-2.95%Feb 191:40AM EST
ICE NBP Nat Gas »46.98 GBP+0.000.00%Feb 197:00PM EST
Gold Spot »1,313.35USD+2.84+0.22%Dec 027:00PM EST
COMEX 100oz Gold »1,309.20USD+0.000.00%Feb 197:01PM EST
Silver Spot »15.74USD+0.04+0.23%Dec 027:00PM EST
Platinum Spot »787.50USD+1.00+0.13%Dec 027:00PM EST
Palladium Spot »1,411.00USD+8.00+0.57%Dec 027:00PM EST
COMEX Copper »2.77USD+0.000.00%Feb 197:01PM EST
CBOT Corn »378.00USC-0.25-0.07%Mar 192:03AM EST
CBOT Wheat »520.00USC+0.000.00%Mar 192:11AM EST
KCBT Wheat »491.75USC-0.25-0.05%Mar 191:53AM EST
MGE Spring Wheat »577.25USC+0.000.00%Mar 191:47AM EST
Euronext Milling Wheat »201.50EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean»919.50USC+2.00+0.22%Mar 192:12AM EST

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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