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

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


FLASH: Gold Steady, USD Up, Crude Oil Down, Stocks Down

Notes: President Trump wrapped up in Hanoi for 2nd Summit with Chairman Kim, President Trump and Secretary of State Mike Pompeo are optimistic on the progress mate.

US and China have a deal in the works.President Trump extends deadline and sets up Summit with President Xi  at Mar a Lago.

In Asia

Gold: Gold prices Thursday held near 2-week lows touched in the prior session, as USD recouped losses after cautious comments from US trade Representative Robert Lighthizer dented investors’ hopes for a closure to the tariff dispute with China.

  • As of 0530 GMT, spot gold and the US gold futures were down 0.1% at $1,318.31 and $1,320.30 per ounce respectively.

The safe-haven precious Yellow metal slipped to its lowest since 15 February at $1,316.43 in the prior session and dropped for the 1st time in 5 months.

Mr. Lighthizer told a Congressional hearing it is too early to predict the outcome of ongoing trade talks with Beijing and the United States will need to maintain the threat of tariffs on Chinese goods for years even if the 2 sides strike a deal.

President Trump said from Hanoi today that real progress has been made in the US-China trade dispute.

Energy: Crude Oil prices dipped Thursday, dragged down by weakening factory output in China and Japan and record US output, although markets remained relatively well supported by supply cuts led by OPEC.

  • ICE Brent Crude Oil futures were at $66.2 bbl at 0525 GMT, -19c, or 0.3% from Wednesday’s close.
  • NYMEX WTI Crude Oil futures were at $56.90 bbl, -4c from Wednesday’s settlement.

Traders said China’s weakening economy also weighed on Crude Oil prices

Equities: Asian stocks fell Thursday as investors dialed back some of their recent optimism about a US-China trade deal.

SKorea’s KOSPI finished 1.7% lower, extending earlier losses just before the market close.

Spreadbetters expected European stocks to follow Asia’s lead and open lower, with Britain’s FTSE falling 0.3%, Germany’s DAX shedding 0.2% and France’s CAC losing 0.25%.

MSCI’s broadest index of Asia-Pacific shares sans Japan lost 0.45%, extending earlier declines.

The Shanghai Composite Index fell 0.7% as more weak data weighed on sentiment. Figures released Thursday showed factory activity contracted for the 3rd month running in February as export orders fell to the lowest level since the global crisis.

Currencies: .DXY that measures the Buck Vs a basket of peer currencies, bounced from 3-week lows.

The JPY often attracts demand in times of political tensions and market turmoil. It showed little response to data showing Japan’s factory output posted the biggest decline in a year in January.

EUR steady at $.1.1372 after slipping 0.15% Wednesday.

GBP stood within distance of a near 8-month peak of $1.3351 reached the prior day. Sterling rallied this week as investors ramped up bets that a no-deal BREXIT was less likely and that Britain’s departure from the EU would be delayed.

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

NYMEX Crude Oil »56.75 USD-0.19-0.33%Mar 192:04AM EST
ICE Brent Crude »66.05 USD-0.34-0.51%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.62 USD-0.01-0.70%Feb 191:44AM EST
Dubai Crude Spot »66.35 USD-0.13-0.20%Dec 022:14AM EST
ICE Gas Oil »621.00 USD-2.75-0.44%Mar 197:00PM EST
NYMEX No2 Heating Oil »2.02 USD-0.00-0.02%Feb 1911:55PM EST
NYMEX Nat Gas »2.81 USD+0.01+0.25%Mar 192:04AM EST
ICE NBP Nat Gas »43.91 GBP+0.000.00%Mar 197:00PM EST
Gold Spot »1,320.81USD+1.01+0.08%Dec 027:00PM EST
COMEX 100oz Gold »1,317.70USD+0.000.00%Mar 197:01PM EST
Silver Spot »15.75USD+0.01+0.08%Dec 027:00PM EST
Platinum Spot »867.00USD+2.50+0.29%Dec 027:00PM EST
Palladium Spot »1,528.00USD-0.50-0.03%Dec 027:00PM EST
COMEX Copper »2.94USD-0.01-0.51%Mar 192:15AM EST
CBOT Corn »364.50USC+0.75+0.21%Mar 192:12AM EST
CBOT Wheat »460.25USC-0.75-0.16%Mar 1911:36PM EST
KCBT Wheat »443.50USC+4.75+1.07%Mar 1910:37PM EST
MGE Spring Wheat »563.00USC+0.000.00%Mar 191:26AM EST
Euronext Milling Wheat »194.00EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »905.00USC+1.50+0.17%Mar 1912:50AM EST

Stay tuned…

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