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

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

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

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

Notes: Trade talks dominate headlines with a new round of negotiations between the US and China have a deal in the works meeting continue in Washington.

Sentiment also got a lift after the Fed Wednesday affirmed it would be “patient” on further interest rate rises.

In Asia

Gold: Gold was trading below the prior session’s 10-month highs on Thursday as USD inched up after minutes from the last FOMC meeting initially brought expectations of another rate hike this year.

Investors are keeping a close eye on talks to end a trade dispute between China and the United States.

  • Spot gold +0.1% at $1,339.88 oz as of 0529 GMT
  • US gold futures -0.4% to $1,342.8 oz.

There are both technical and fundamental reasons for this pull back in gold prices. It is under some technical selling pressure in here.

Energy: Crude Oil prices hanging close to Y 2019 highs Thursday, bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy.

  • NASDAQ WTI Crude Oil futures were at $57.33 bbl at 0256 GMT, +17c, or 0.3%, above their last settlement, but below their 2019 highs.
  • ICE Brent Crude Oil futures were at $67.14 bbl, 6c above their last close and not far off their 2019 highs.

Despite the slowdown in economic growth that emerged in late Y 2018, Crude Oil prices have been driven up this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Equities: Asian shares pulled ahead to fresh 4.5-month highs and US equity futures rose on a Reuters report that the US and China have started to tackle the stickiest issues in their trade dispute and a deal is on the cards.

Spread-betters expect Frankfurt’s DAX and Paris’s CAC open up half a percent and 0.4%, respectively, and see London’s FTSE is flat.

MSCI’s broadest index of Asia-Pacific shares sands Japan +0.1%

Australian shares gained 0.7%, closing at a 6-month high, but the Aussie down on fears a ban on the country’s coal by a Chinese port would hurt its already slowing economy.

Japan’s Nikkei ended 0.1% higher.

US stock futures gained 0.2%.

Hong Kong’s Hang Seng rose 0.1%, while Chinese blue-chips were last down 0.2%, giving up their gains after hitting their highest since early August last year.

Currencies: The offshore RMB Yuan firmed to its strongest mark since July last year on hopes of further progress in the US-China trade talks, and was last trading at 6.7076 per USD.

The onshore RMB Yuan last changed hands at 6.7056 Yuan per USD after touching its strongest in 3-weeks.

The Australian $ was in the spotlight, sliding more than 1% after customs at China’s northern Dalian port banned imports of Australian coal and said it will cap overall coal imports for Y 2019.

The Aussie had gained more than half a percent early in the session after employment numbers for January beat expectations though it then reversed course as the underlying soft outlook for the economy reinforced expectations of a possible rate cut this year.

The Aussie was last trading at $0.7097, -0.9% on the day.

EUR held steady at $1.1331. Purchasing manager indexes for the euro zone are due on Thursday and investors are also eyeing the release of minutes from the European Central Bank’s January meeting later in the day.

Against JPY, USD was about 0.1% lower at 110.765 JPY, moving off a 7-week high of 111.13 marked last week.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »57.37 USD+0.21+0.37%Mar 191:14AM EST
ICE Brent Crude »67.12 USD+0.04+0.06%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.60 USD+0.00+0.12%Feb 191:12AM EST
Dubai Crude Spot »67.44 USD+0.17+0.25%Dec 021:24AM EST
ICE Gas Oil »619.00 USD+2.50+0.40%Mar 197:00PM EST
NYMEX No2 Heating Oil »2.02 USD+0.00+0.07%Feb 1912:28AM EST
NYMEX Nat Gas »2.65 USD+0.02+0.64%Feb 191:12AM EST
ICE NBP Nat Gas »47.42 GBP+0.000.00%Feb 197:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,338.19USD-0.22-0.02%Dec 027:00PM EST
COMEX 100oz Gold »1,343.30USD+0.000.00%Feb 197:01PM EST
Silver Spot »15.98USD-0.05-0.30%Dec 027:00PM EST
Platinum Spot »820.59USD-1.91-0.23%Dec 027:00PM EST
Palladium Spot »1,486.00USD-2.50-0.17%Dec 027:00PM EST
COMEX Copper »2.93USD+0.000.00%Feb 197:01PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »372.75USC+2.00+0.54%Mar 192:08AM EST
CBOT Wheat »483.75USC+3.00+0.62%Mar 192:05AM EST
KCBT Wheat »454.50USC+4.50+0.99%Mar 191:45AM EST
MGE Spring Wheat »553.00USC+4.25+0.77%Mar 191:40AM EST
Euronext Milling Wheat »192.75EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »904.50USC+2.00+0.22%Mar 192:09AM 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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