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

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

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

In Asia

Gold: Gold prices rose Thursday as expectations that the Fed will pause its rate tightening cycle this year.

  • Spot gold was up 0.2% at $1,295.84 oz as of 0556 GMT, hanging near Friday’s at $1,298.42, a mark last seen in mid-June 2018.
  • US gold futures gained 0.4% to $1,297.20 oz.

Minutes from the Fed’s 18-19 December FOMC policy meeting showed that several policymakers said they could be patient about future interest rate hikes. Dovish.

Energy: Crude Oil prices fell by 1.1% Thursday on growing US supply and a cautious reaction to trade talks between the United States and China, the world’s 2 largest Crude Oil consumers, that finished without concrete details to ending their dispute.

  • NYMEX WTI Crude Oil futures were at $51.80 bbl at 0432 GMT, off 56c, or 1.1%, from Wednesday’s NYMEX settlement.
  • ICE Brent Crude Oil futures were off 0.9%, or 57c, at $60.87 bbl.

Morgan Stanley cut its Y 2019 Crude Oil price forecasts by more than 10% Wednesday, pointing to “weakening economic growth expectations” and rising supply from especially from the US as reasons for their lower price forecast.

Morgan now expects Brent to average $61 bbl this year, down from a prior estimate of $69 bbl, and WTI to average $54 bbl Vs a prior forecast of $60.

The main source of new supply is the US, where production is at a record 11.7-M BPD in the week ending 4 January the Energy Information Administration (EIA) said Wednesday.

Equities: Asian shares edged up Thursday as stimulus expectations and a rise in the RMB Yuan helped Chinese equities erase early losses, while markets awaited more news on US-China trade talks amid hopes that an all-out trade war will be averted

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.3%, hanging at a near 4-wk highs.

China’s blue-chip CSI 300 and Hong Kong’s Hang Seng gained 0.3 and 0.1%, respectively.

Chinese shares recouped earlier losses as weak inflation data raised the prospect of further government stimulus.

The RMB Yuan strengthened, breaching the Key 6.8 per USD mark for the 1st time since August in both onshore and offshore trade, further boosting appetite for riskier assets.

Australian shares added 0.3%, but Japan’s Nikkei closed 1.3% lower.

E-Mini futures for the S&P 500 were last down 1/2%.

Wall Street’s S&P 500 rose 0.41% Wednesday, extending its gains from 20-month lows touched around Christmas to more than 10%.

Currencies: USD remained on the defensive after hitting its lowest level since mid-October amid the signs Fed policymakers are becoming more cautious about future rate hikes and as investors unwound safe-haven bets due to optimism over the trade talks.

The Buck was down 1/10% Vs EUR at $1.1556. The single currency gained 0.9% against USD during the prior session, its biggest 1-day gainer since late June.

Against a basket of 6 peers, .DXY dipped to 95.029, its lowest since 16 October, and was last down 1/10%.

USD lost 0.2% against JPY, a safe-haven currency that is often preferred by traders during times of market and economic stress.

CAD retreated in line with Crude Oil prices, and last traded down 2/10% at C$1.3232. It had risen to a 5-week high during the prior session.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »51.76 USD-0.60-1.16%Jan 191:29AM EST
ICE Brent Crude »60.84 USD-0.60-0.99%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.42 USD-0.01-0.66%Jan 191:29AM EST
Dubai Crude Spot »59.68 USD-0.32-0.54%Dec 021:39AM EST
ICE Gas Oil »564.50 USD+3.50+0.62%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.87 USD-0.01-0.46%Jan 191:29AM EST
NYMEX Nat Gas »2.99 USD+0.00+0.07%Jan 191:29AM EST
ICE NBP Nat Gas »60.03 GBP+0.000.00%Jan 197:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,295.54USD+2.49+0.19%Dec 027:00PM EST
COMEX 100oz Gold »1,289.30USD+0.000.00%Jan 197:01PM EST
Silver Spot »15.74USD-0.00-0.03%Dec 027:00PM EST
Platinum Spot »822.49USD-2.21-0.27%Dec 027:00PM EST
Palladium Spot »1,311.80USD-14.70-1.12%Dec 027:00PM EST
COMEX Copper »2.66USD+0.000.00%Jan 197:01PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »381.75USC-0.25-0.07%Mar 191:56AM EST
CBOT Wheat »519.50USC-0.50-0.10%Mar 191:49AM EST
KCBT Wheat »505.00USC-0.50-0.10%Mar 191:48AM EST
MGE Spring Wheat »572.50USC+2.00+0.35%Mar 191:39AM EST
Euronext Milling Wheat »205.25EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »908.00USC-3.50-0.39%Jan 198:45PM EST

Stay tuned…

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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