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

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


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

Notes: UK Prime Minister Theresa May will address Conservative Party lawmakers, possibly to set out a timetable for her departure, to win support for her 2X-rejected BREXIT deal as the Parliament prepares to vote on a variety of possible options.

A senior International Monetary Fund official said Tuesday trade tensions between the US and China have caused huge amounts of economic uncertainty and could cut Asia’s economic growth by 0.9%.

The Reserve Bank of New Zealand (RBNZ) kept the official cash rate (OCR) at 1.75% as expected, it surprised many by flatly stating the more likely direction of our next OCR move is down.

In Asia

Gold: Gold retreated Tuesday from more than 3-week highs in the prior session after USD rebounded and risk appetite and bond yields recovered as fears eased about a possible US recession.

  • Spot gold was down 0.5 to $1,313.82 oz, as of 13:55p EDT (1755 GMT)
  • US gold futures settled down 0.6% to $1,315 oz..

The trend of USD has reversed a bit and at the same time there was a bounce back from the lows across yield curves.

Energy: Crude Oil prices up Wednesday, extending the previous session’s rise, but gainers were kept in check amid growing fears over the impact of a global economic slowdown on demand.

  • ICE Brent Crude Oil futures, +17c, or 0.3%, at $68.14 by 0311 GMT,
  • NYMEX WTI Crude Oil futures, +9c, or 0.2% at $60.03.

Prices have risen more than 25% this year, supported by supply curbs by the OPEC and other major producers, along with US sanctions on exports from Venezuela and Iran.

Equities: Asian shares mixed Wednesday, giving up small gains made the prior day, as investors tried to come to terms with a sharp shift in US bond markets and the implications for the world’s Top economy

MSCI’s broadest index of Asia-Pacific shares sans Japan eased 0.1% while Japan’s Nikkei average lost 0.6%.

Chinese stocks bucked the trend, with the benchmark Shanghai Composite rebounding 0.6%, the blue-chip CSI 300 climbing 1.1%, and Hong Kong’s Hang Seng advancing 0.5%.

The major US stock market indexes posted solid gains Tuesday but finished below their session highs in a reflection of the underlying concerns about the economic outlook.

The S&P 500 gained 0.72%; the NAS Comp added 0.71%

Currencies: GBP 0.1% lower to $1.3185 .

EUR slipped to a 2-week low of $1.1251, as USD gained some footing on a rebound in US bond yields.

USD moved back to 110.55 JPY , from Monday’s 1.5-month low of 109.70.

The New Zealand Dollar took a tumble after the country’s central bank blindsided markets by saying the next move in interest rates would likely be down, abandoning its long-standing neutral stance.

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

NYMEX Crude Oil »60.02 USD+0.08+0.13%Apr 191:59AM EDT
ICE Brent Crude »68.15 USD+0.18+0.26%Mar 198:00PM EDT
NYMEX RBOB Gasoline »1.95 USD-0.01-0.38%Mar 191:37AM EDT
Dubai Crude Spot »67.48 USD+0.13+0.19%Dec 022:09AM EDT
ICE Gas Oil »611.00 USD+2.25+0.37%Apr 198:00PM EDT
NYMEX No2 Heating Oil »1.99 USD+0.00+0.09%Mar 191:56AM EDT
NYMEX Nat Gas »2.72 USD-0.02-0.74%Mar 191:47AM EDT
ICE NBP Nat Gas »35.78 GBP+0.000.00%Mar 198:00PM EDT
Gold Spot »1,315.76USD+0.34+0.03%Dec 028:00PM EDT
COMEX 100oz Gold »1,314.30USD+0.000.00%Mar 197:01PM EDT
Silver Spot »15.41USD-0.01-0.10%Dec 028:00PM EDT
Platinum Spot »860.83USD+5.82+0.68%Dec 028:00PM EDT
Palladium Spot »1,548.80USD+8.30+0.54%Dec 028:00PM EDT
COMEX Copper »2.85USD+0.000.00%Mar 197:01PM EDT
CBOT Corn »376.00USC-1.25-0.33%May 192:00AM EDT
CBOT Wheat »468.25USC-1.00-0.21%May 192:08AM EDT
KCBT Wheat »443.00USC-0.25-0.06%May 191:50AM EDT
MGE Spring Wheat »566.50USC-0.75-0.13%May 191:51AM EDT
Euronext Milling Wheat »188.00EUR+0.000.00%May 198:00PM EDT
CBOT Soybean »898.75USC-2.00-0.22%May 192:09AM 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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