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

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


FLASH: Gold Higher, USD Off, Crude Oil Higher, Stocks Higher

Notes: Minutes of the Fed’s last policy meeting are due Wednesday and should provide more guidance on the likelihood or not for rate hikes this year. There is also talk the Fed will keep a much larger balance sheet than previously planned.

Financial markets are generally supported by hopes that the United States and China will soon resolve their trade dispute, which has dragged on global economic growth.

In Asia

Gold: Gold prices rose to their best marks in more than 2 weeks Monday as USD weakened on hopes the US and China are nearing a trade deal, while Palladium hit a record high.

  • Spot gold gained 0.1% to $1,322.41 oz as of 0747 GMT
  • US gold futures rose 0.3% to $1,326.1 oz.

Alleviation of risks around the trade talks has certainly benefited the markets, and signs of progress in the discussions had reduced appetite for the USD, which has been supporting gold.

Energy: Monday, Crude Oil prices marked their highest marks since November last year, lifted by OPEC-led supply cuts, US sanctions on Iran and Venezuela, and hopes that the US-China trade dispute will end soon.

  • ICE Brent Crude futures were at $66.66 bbl at 0746 GMT, +41c, or 0.6%, from Friday’s close.
  • NYMEX WTI Crude Oil futures were at $56.07 bbl, +48c, or 0.9%, from their close. WTI prices also rose to their highest since November, at $56.13 bbl, early Monday.

Equities: Asian share markets bounced broadly Monday as investors dared to hope for both progress at US-China trade talks in Washington this week and more policy stimulus from major central banks.

MSCI’s broadest index of Asia-Pacific shares sansJapan rose 0.9%, largely recovering from a sharp fall last Friday.

Japan’s Nikkei climbed 1.8% to its highest level of the year so far, while Shanghai blue chips rallied 2.1%.

E-Mini futures for the S&P 500 were flat as trade was thinned by a Holiday in US markets, while spread-betters pointed to a firmer opening for European exchanges.

The DJIA and the NAS Comp had boasted their 8 straight weekly gains on bets the United States and China would hammer out an agreement resolving their trade dispute.

Currencies: EUR edged up 0.2% Monday to $1.1312, though that was still well within the $1.1213/1.1570 trading range that has held since last October.

USD was steady Vs JPY at 110.53, having backed away from a 2-month high at 111.12.

GBP was a firmer at $1.2913 ahead of BREXIT talks between British Prime Minister Theresa May and European Commission President Jean-Claude Juncker this week.

All of which have .DXY down at 96.765 on a basket of peer currencies and away from last week’s Top of 97.368.

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

NYMEX Crude Oil »56.07 USD+0.48+0.86%Feb 1912:00AM EST
ICE Brent Crude »66.52 USD+0.27+0.41%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.58 USD+0.01+0.61%Feb 1912:00AM EST
Dubai Crude Spot »66.68 USD+0.42+0.63%Dec 023:18AM EST
ICE Gas Oil »618.25 USD+2.75+0.44%Mar 197:00PM EST
NYMEX No2 Heating Oil »2.03 USD+0.01+0.26%Feb 1912:00AM EST
NYMEX Nat Gas »2.66 USD+0.03+1.20%Feb 1912:00AM EST
ICE NBP Nat Gas »47.87 GBP+0.23+0.48%Feb 197:00PM EST
Gold Spot »1,322.20USD+1.19+0.09%Dec 027:00PM EST
COMEX 100oz Gold »1,322.00USD+3.90+0.30%Feb 1912:00AM EST
Silver Spot »15.79USD+0.01+0.09%Dec 027:00PM EST
Platinum Spot »802.72USD+0.72+0.09%Dec 027:00PM EST
Palladium Spot »1,439.00USD+7.00+0.49%Dec 027:00PM EST
COMEX Copper »2.80USD+0.000.00%Feb 197:01PM EST
CBOT Corn »374.75USC+0.000.00%Mar 195:19PM EST
CBOT Wheat »504.25USC+0.000.00%Mar 195:32PM EST
KCBT Wheat »476.50USC+0.000.00%Mar 191:00AM EST
MGE Spring Wheat »573.00USC+0.000.00%Mar 193:00PM EST
Euronext Milling Wheat »195.25EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »907.50USC+0.000.00%Mar 195:30PM 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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