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

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


FLASH: Gold Ranged, USD Higher, Crude Oil Higher, Stocks Lower

In Asia

Notes:  US Treasury Secretary Steven Mnuchin hopes for “productive” trade meetings in China scheduled to run through Friday.
The United States has used tariffs as leverage to demand Beijing make major structural policy changes, including ending the forced transfer of American technology, fully enforcing intellectual property rights, and curbing industrial subsidies.

Gold: Gold traded in a tight $3 range Friday as concerns over an economic slowdown supported prices for the safe-haven precious Yellow metal and a firm USD capped gains.

Investors are awaiting further developments from ongoing US-China trade talks before making any big moves.

  • Spot gold was steady at $1,312.56 oz as of 0419 GMT
  • US gold futures up 0.1% at $1,315.40 oz

Uncertainties around BREXIT trade talks and strengthening of the Buck are capping gold prices. And, until there is resolution to these global concerns we might see gold prices range bound between $1,305 and $1,326.

Energy: Crude Oil prices rose as Top exporter Saudi Arabia said it would cut exports and deliver an even deeper output cut.

  • ICE Brent Crude Oil futures rallied to as high as $65.10 bbl, their highest level in nearly three months. The contracts have gained nearly 5% on the week.
  • NYMEX WTI Crude Oil futures rose 0.35% to $54.60 bbl and were headed for a weekly gainer of 4%.

Equities: Asian stocks fell Friday, retreating from 4-month highs after data out of China raised concerns over deflationary pressures building in the world’s 2nd biggest economy.

MSCI’s broadest index of Asia-Pacific shares sans Japan, which marked a 4-month high midweek on factors including expectations for reduced US-China trade tensions, was down 1%.

The Shanghai Composite Index lost 0.8% following Friday’s discouraging data.

Japan’s Nikkei dropped more than 1% and SKorea’s KOSPI shed 1.45%

Currencies: USD fetched 110.34 JPY, stepping back from Thursday’s 7-week high at 111.13.

The Buck’s weakness saved EUR from testing its 2018 low of $1.1216. The single currency stood at $1.1285 after having fallen to $1.1248 Thursday following economic data showing Germany’s economy stalled in Q-4.

The GBP traded lower at $1.2797 following a decline to a near 1-month low of $1.2773 overnight after PM Theresa May lost a symbolic BREXIT vote in Parliament, weakening her hand as she seeks to renegotiate her EU withdrawal agreement with Brussels.

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

NYMEX Crude Oil »54.56 USD+0.15+0.27%Feb 191:59AM EST
ICE Brent Crude »64.83 USD+0.26+0.40%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.51 USD+0.01+0.42%Feb 191:56AM EST
Dubai Crude Spot »65.14 USD+0.07+0.11%Dec 022:09AM EST
ICE Gas Oil »604.75 USD+7.50+1.24%Mar 197:00PM EST
NYMEX No2 Heating Oil »1.98 USD+0.01+0.33%Feb 191:58AM EST
NYMEX Nat Gas »2.56 USD-0.02-0.70%Feb 191:59AM EST
ICE NBP Nat Gas »47.07 GBP+0.000.00%Feb 197:00PM EST
Gold Spot »1,313.90USD+1.42+0.11%Dec 027:00PM EST
COMEX 100oz Gold »1,309.80USD+0.000.00%Feb 197:01PM EST
Silver Spot »15.56USD-0.06-0.40%Dec 027:00PM EST
Platinum Spot »781.50USD-4.00-0.51%Dec 027:00PM EST
Palladium Spot »1,413.50USD-2.00-0.14%Dec 027:00PM EST
COMEX Copper »2.78USD+0.000.00%Feb 197:01PM EST
CBOT Corn »375.25USC+0.50+0.13%Mar 191:56AM EST
CBOT Wheat »507.75USC+0.75+0.15%Mar 192:07AM EST
KCBT Wheat »483.75USC+2.25+0.47%Mar 191:56AM EST
MGE Spring Wheat »575.50USC+0.75+0.13%Mar 191:49AM EST
Euronext Milling Wheat »198.25EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »905.50USC+2.00+0.22%Mar 192:06AM 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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