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

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

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

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

Note: This week the world’s investors are focused on geopolitical events and big bank earnings as the S&P 500 continues to drive North

Eastern forces Monday were advancing on the Libyan capital Tripoli in the latest of a cycle of warfare since Muammar Gaddafi’s fall in Y 2011, with a warplane attacking the city’s only functioning airport.

Monday, a top White House official said US officials are “not satisfied yet” about all the issues standing in the way of a deal to end the US-China trade dispute but made progress in talks with China last week.

Investors will also focus on a European Central Bank (ECB) meeting Wednesday.

In Asia

Gold: Gold prices rose Tuesday, as USD eased on weak U.S. economic data.

  • Spot gold +0.2 percent at $1,299.34 oz, as of 0534 GMT, after touching its highest since March 28 at $1,303.61 in the prior session,
  • US gold futures were up 0.1% at $1,303.20 oz.

The USD is subdued and data shows that there is continued buying from central banks.

China, the world’s biggest gold consumer, raised its gold reserves by 0.6% to 60.62-M oz by end-March, the PBoC data showed.

Energy: Crude Oil prices rose to 5-month highs Tuesday as markets tightened amid OPEC-led supply cuts, US sanctions against Iran and Venezuela, and growing violence in Libya.

  • ICE Brent Crude Oil futures hit their strongest mark since last November at $71.34 bbl, and faded to $71.18 bbl by 0452 GMT, still + 8c, or 0.1% above Monday’s London close.
  • NYMEX WTI Crude Oil futures hit a November 2018 high, at $64.77 bbl, before fading to $64.53, +13c, or 0.2%.

Crude Oil markets have tightened this year as the United States imposed sanctions on oil exporters Iran and Venezuela while the producer club of the Organization of the Petroleum Exporting Countries (OPEC) has been withholding supply to bolster prices.

Equities: Asian shares marked 8-month highs Tuesday as optimism about Chinese measures to boost economic growth lifted mainland markets.

MSCI’s broadest index of Asia-Pacific shares sans Japan +0.3%, hanging near its highest mark since 9 August 2018.

Chinese blue chips advanced 0.15%, as investors cheered a plan unveiled by China’s state planner Monday to relax residency curbs in many of its smaller cities and increase infrastructure spending.

“The (Chinese A-share) market’s foundation for upward moves remains positive,” analysts at Kaiyuan Securities wrote in a note on Tuesday. “China’s monetary policy and fiscal policy both continue to be active, (we) don’t see the need for limiting liquidity in the short term.”

Outside of China broader sentiment was largely subdued as investors’ focus remained on potential flash-points, including a crucial BREXIT Summit as well as a meeting on trade between the EU and China set for Tuesday.

European shares were set to start on a cautious note, with London’s FTSE futures trading flat and Frankfurt’s DAX futures -0.2%. E-Mini futures for the S&P 500 lost 0.1%.

Japan’s Nikkei drifted 0.1% higher, while Australian shares traded a bit lower.

Currencies: USD was tighten Tuesday by a combination of weak US economic data and gains for commodity-linked currencies such as the Canadian and Australian dollars which drew support from an extended surge in Crude Oil prices.

EUR rose slightly to $1.1263 after booking gains of nearly 0.4% its steepest 1-day rise in nearly 3-weeks overnight.

GBP advanced 0.1% to $1.3081, but stayed not far from last month’s low at $1.2945.

Against JPY, USD was down 0.15% at 111.35 yen, inching back toward its 1.5-month low of 109.70 touched on 25 March.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »63.33 USD+0.25+0.39%Apr 191:34AM EDT
ICE Brent Crude »70.62 USD+0.28+0.40%Apr 191:33AM EDT
NYMEX RBOB Gasoline »1.98 USD+0.01+0.62%Apr 191:30AM EDT
Dubai Crude Spot »70.13 USD+0.28+0.40%Dec 021:44AM EDT
ICE Gas Oil »625.25 USD+7.25+1.16%Apr 191:29AM EDT
NYMEX No2 Heating Oil »2.05 USD+0.01+0.26%Apr 191:34AM EDT
NYMEX Nat Gas »2.68 USD+0.01+0.49%Apr 191:34AM EDT
ICE NBP Nat Gas »41.09 GBP+0.000.00%Apr 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,296.54USD+5.24+0.40%Dec 021:49AM EDT
COMEX 100oz Gold »1,293.40USD+3.00+0.23%Apr 199:04PM EDT
Silver Spot »15.09USD+0.01+0.07%Dec 021:48AM EDT
Platinum Spot »905.70USD+10.70+1.18%Dec 021:49AM EDT
Palladium Spot »1,372.56USD+2.56+0.19%Dec 021:49AM EDT
COMEX Copper »2.89USD+0.000.00%Apr 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »362.75USC+0.25+0.07%May 191:43AM EDT
CBOT Wheat »463.75USC-4.00-0.86%May 191:43AM EDT
KCBT Wheat »428.75USC-2.50-0.58%May 191:39AM EDT
MGE Spring Wheat »524.00USC+1.50+0.29%May 191:33AM EDT
Euronext Milling Wheat »189.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »902.00USC+3.00+0.33%May 191:43AM 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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