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

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


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

Notes: Market participants are keeping a close watch on the latest round of US-China trade negotiations, scheduled to start Thursday in Beijing, and the next BREXIT vote.

British lawmakers will now vote on a range of BREXIT options Wednesday, giving parliament a chance to indicate whether it can agree on a deal with closer ties to Brussels.

Any positive developments from either of the geo-political issues will weigh on gold prices as investors appetite for riskier assets will rise, dampening its safe-haven appeal.

In Asia

Gold: Gold eased Tuesday, after hitting 1-month high in Monday’s session, as a slight recovery in share markets and US Treasury yields reduced some of the precious Yellow metal’s safe-haven appeal.

  • Spot gold off 0.2% at $1,319.86 oz, as of 0426 GMT, after touching its highest since Feb. 28 at $1,324.33 in Monday’s session,
  • US gold futures down 0.2% at $1,319.80 oz.

Concerns have gone up, we are not convinced that there is going to be a recession as the yield curve inversion should be there for a whole Quarter and not just a day or 2.

Energy: Crude Oil prices up Tuesday, lifted by supply cuts led by OPEC and US sanctions against Iran and Venezuela, but signs of a sharp economic slowdown and potentially even a recession capped markets from rising higher.

  • ICE Brent Crude Oil futures were at $67.33 bbl at 0416 GMT, +12c, or 0.2%, from Monday’s close,
  • NYMEX WTI Crude Oil futures were at $59.26 bbl, +44c, or 0.8%, from from Monday’s settlement.

Crude Oil prices would likely be higher by now if it was not for a spreading economic slowdown that some say could turn into a recession soon and dent fuel consumption.

Equities: Asian shares moved higher Tuesday after 2 days of losses as US-year Treasury yields edged up, but the outlook is uncertain, as investors weighed the odds of whether the US economy is in danger of slipping into recession.

European and US equity markets are expected to follow Asia’s lead, spread-betters showed, with London’s FTSE futures up 0.3% and E-minis for the S&P 500 up 0.3%.

MSCI’s broadest index of Asia-Pacific shares sans Japan rebounded 0.2% after losing 1.4% in the prior session.

Australian shares flat, while Japan’s Nikkei spiked 2.1% after recording its biggest drop since late December Monday.

China’s blue-chip CSI300 bucked the trend, giving up early gains to fall 0.7%, while Hong Kong’s Hang Seng Index was a bit lower.

Wall Street shares were flat to little changed on Monday with the S&P 500 ending with a small loss of 0.08% on the day.

Currencies: EUR stood at $1.1305, having gained a bit Monday after Germany’s IFO Institute said its business climate index rose to 99.6, beating a consensus forecast of 98.5 and ending 6 months running of decliners.

USD was a bit higher at 110.14 JPY, having hit a 1.5 month low of 109.70 Monday.

GBP stood at $1.3180, erasing small gains made after lawmakers voted to wrest control of the BREXIT process from Prime Minister Theresa May’s government for a day.

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

NYMEX Crude Oil »59.27 USD+0.45+0.76%Apr 191:45AM EDT
ICE Brent Crude »67.37 USD+0.16+0.24%Mar 198:00PM EDT
NYMEX RBOB Gasoline »1.94 USD-0.00-0.08%Mar 191:31AM EDT
Dubai Crude Spot »67.24 USD+0.05+0.07%Dec 021:56AM EDT
ICE Gas Oil »608.00 USD+1.25+0.21%Apr 198:00PM EDT
NYMEX No2 Heating Oil »1.98 USD+0.00+0.03%Mar 1911:09PM EDT
NYMEX Nat Gas »2.75 USD-0.00-0.15%Mar 191:47AM EDT
ICE NBP Nat Gas »35.56 GBP+0.000.00%Mar 198:00PM EDT
Gold Spot »1,317.61USD-4.19-0.32%Dec 028:00PM EDT
COMEX 100oz Gold »1,321.90USD+0.000.00%Mar 197:01PM EDT
Silver Spot »15.48USD-0.05-0.36%Dec 028:00PM EDT
Platinum Spot »851.61USD-3.39-0.40%Dec 028:00PM EDT
Palladium Spot »1,573.01USD-2.99-0.19%Dec 028:00PM EDT
COMEX Copper »2.85USD+0.000.00%Mar 197:01PM EDT
CBOT Corn »380.00USC+0.25+0.07%May 191:57AM EDT
CBOT Wheat »472.00USC+2.50+0.53%May 191:53AM EDT
KCBT Wheat »449.75USC+0.50+0.11%May 191:53AM EDT
MGE Spring Wheat »572.50USC-0.75-0.13%May 191:43AM EDT
Euronext Milling Wheat »189.50EUR+0.000.00%May 198:00PM EDT
CBOT Soybean »906.00USC-0.50-0.06%May 191:58AM EDT

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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