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

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


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

Note: Japanese refineries have put a halt on imports of Iranian Crude Oil after buying 15.3-M bbl between January and March ahead of the expiry of a temporary waiver on US sanctions, according to industry sources and data on Refinitiv Eikon.

China stock jumped Friday as investors cheered Beijing’s pledge to further liberalize financial markets, and on renewed hopes of progress in US-China trade talks.

The CSI300 index +3.0%, to 3,840.84, at the end of the morning session, while the Shanghai Composite Index +2.4%, to 3,065.75.

In Asia

Gold: Gold steadied Friday, but was headed for its worst month since August 2018 predominantly on stronger USD and equities, while palladium bounced back after 3 sessions running of sharp selloffs.

  • Spot gold was flat at $1,290.34 oz by 0620 GMT, after declining about 1.5% in the prior session, the most in over 7 months,
  • US gold futures were down 0.1% at $1,288.70 oz.

The precious Yellow metal is set for its 1st weekly fall in 4 and has lost about 1.7% this month. But on a Quarterly basis, gold is on path for a 2nd straight rise, due to a Dovish Fed and concerns about a global economic slowdown.

Energy: Crude Oil prices up Friday on the back of ongoing OPEC-led supply cuts and US sanctions Vs Iran and Venezuela, putting markets on track for their biggest Quarterly gainer since Y 2009.

  • NYMEX WTI Crude Oil futures were at $59.68 per barrel at 0559 GMT, +38c, or 0.6%, from Thursday’s settlement,
  • ICE Brent Crude Oil futures were +34c, or 0.5%, at $68.16 bbl.

For both futures contracts, Q-1 of Y 2019 is the best performing Quarter since Q-2 of Y 2009 when both gained about 40%.

Equities: Asian shares rose Friday, led by a surge in Chinese equities, on hopes that Washington and Beijing are making progress in trade talks, while global bond yields moved higher after a prolonged slide on worries about the economic outlook.

MSCI’s broadest index of Asia-Pacific shares sans Japan gained 0.5%, while Japan’s Nikkei added 1%.

The Shanghai Composite Index climbed more than 2%.

The mood in the markets was brighter after US officials said China has made proposals in trade talks with the United States on a range of issues that go further than it has before, including on forced technology transfer.

Gains on Wall Street also bolstered investor optimism. The S&P 500 on Thursday rose 0.36% and the NAS Comp added 0.34 percent.

The S&P 500 gained 12.3% so far this Quarter, which would mark its best Quarterly performance since Y 2009 if sustained

Currencies: USD poised for its strongest monthly gainer in 5, while Asian shares rose on hopes that Washington and Beijing are making progress in trade talks.

EUR stood steady at $1.1228 after falling 3-week low of $1.1214 as speculation grew that the European Central Bank will introduce a tiered deposit rate.

JPY was a shade weaker at 110.785 to USD , edging away from Monday’s 1.5 month high of 109.70.

GBP moved up 0.2% to $1.3069 after sliding more than 1% Thursday.

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

NYMEX Crude Oil »59.54 USD+0.24+0.40%Apr 192:35AM EDT
ICE Brent Crude »67.99 USD+0.17+0.25%Mar 198:00PM EDT
NYMEX RBOB Gasoline »1.89 USD+0.01+0.40%Mar 192:31AM EDT
Dubai Crude Spot »67.12 USD-0.18-0.27%Dec 022:45AM EDT
ICE Gas Oil »603.75 USD+3.75+0.62%Apr 198:00PM EDT
NYMEX No2 Heating Oil »1.97 USD+0.00+0.06%Mar 1912:00AM EDT
NYMEX Nat Gas »2.71 USD+0.00+0.07%Apr 192:33AM EDT
ICE NBP Nat Gas »35.28 GBP+0.000.00%Apr 198:00PM EDT
Gold Spot »1,287.31USD-2.84-0.22%Dec 028:00PM EDT
COMEX 100oz Gold »1,286.80USD-3.00-0.23%Apr 192:50AM EDT
Silver Spot »14.99USD-0.02-0.13%Dec 028:00PM EDT
Platinum Spot »840.24USD+3.24+0.39%Dec 028:00PM EDT
Palladium Spot »1,341.89USD-6.11-0.46%Dec 028:00PM EDT
COMEX Copper »2.90USD+0.03+1.04%Apr 191:45AM EDT
CBOT Corn »373.25USC-0.75-0.20%May 192:58AM EDT
CBOT Wheat »462.75USC-1.75-0.38%May 193:00AM EDT
KCBT Wheat »439.00USC+0.25+0.06%May 193:00AM EDT
MGE Spring Wheat »556.25USC-3.75-0.67%May 192:38AM EDT
Euronext Milling Wheat »186.00EUR+0.000.00%May 198:00PM EDT
CBOT Soybean »891.25USC+1.75+0.20%May 193:01AM EDT

Have a terrific weekend

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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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