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

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

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

In Asia

Notes: On the earnings front, US banks are in sharp focus with Quarterly results from Citigroup (C) due Monday followed by JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) later in the week.

Expectations are low with profits for US companies forecast to rise 6.4%, down from an 1 October estimate of 10.2% and a big fall from 2018’s tax cut-fueled gainer of more than 20%.

Gold: Gold prices rose Monday as USD fell on expectations that the Fed will not raise rates this year and as Asian stocks fell after China’s data pointed to a slowdown in the world’s 2nd-largest economy.

  • Spot gold was up 0.4 percent at $1,291.97 oz, as of 0610 GMT.
  • US gold futures were up 0.2% at $1,292.10 oz.

Among other precious metals

  • Palladium fell 0.8% to $1,306.99 oz
  • Platinum slipped 0.2% to $809.20 oz
  • Silver traded steady at 15.59 oz 

There is a Key resistance between $1,290 and $1,310. Gold will need to do substantial work to rise above these marks, as generally we see traders shorting into the market.

Energy: Crude Oil prices fell by almost 1% Monday, with Brent slipping below $60 bbl, after Chinese data showed weakening imports and exports in the world’s biggest trading nation and 2nd-largest Crude Oil consumer.

  • ICE Brent Crude Oil futures were at 59.91 bbl at 0403 GMT, down 57c, or 0.9% from Friday’s close.
  • NYMEX WTI Crude Oil futures were down 47c, or 0.9%, at $51.12 bbl.

China’s December overall exports fell by 4.4% from a year earlier, the biggest monthly decline in 4 years, official data showed Monday, pointing to further weakening in the world’s 2nd-largest economy. Imports last month also contracted, falling 7.6%, the biggest decliner since July 2016.

Equities: Asian shares fell Monday after a contraction in Chinese December exports, which fell 4.4% from a year earlier, the biggest monthly drop in 2 years, official data showed Monday.

E-minis for the S&P 500 declined 0.8%, in an indication of heightened risk aversion. Spreadbetters also pointed to a weak start for Europe while FTSE futures slipped 0.4%.

Market concerns sent MSCI’s broadest index of Asia-Pacific shares outside Japan sliding 1% from Friday’s 1.5 month Top for its biggest 1-day percentage drop since 2 January with Chinese and Hong Kong shares the worst hit.

Currencies: EUR was subdued, as it hit key technical marks following data from Italy on Friday that showed the Eurozone’s 3rd-largest economy was at risk of recession. The single currency was last at $1.1475.

The .DXY, which measures the Buck against a basket of peer currencies, edged 0.1% lower to 95.57 after 2 days of gainers.

Commodities: Energy, Metals, Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »50.79 USD-0.80-1.58%Jan 191:55AM EST
ICE Brent Crude »59.66 USD-0.82-1.37%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.39 USD-0.01-1.08%Jan 191:55AM EST
Dubai Crude Spot »58.70 USD-0.79-1.35%Dec 022:05AM EST
ICE Gas Oil »560.25 USD-8.25-1.47%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.87 USD-0.01-0.50%Jan 191:55AM EST
NYMEX Nat Gas »3.30 USD+0.20+6.03%Jan 191:54AM EST
ICE NBP Nat Gas »61.39 GBP+0.000.00%Jan 197:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,290.91USD+3.41+0.26%Dec 027:00PM EST
COMEX 100oz Gold »1,287.10USD+0.000.00%Jan 197:01PM EST
Silver Spot »15.54USD-0.06-0.37%Dec 027:00PM EST
Platinum Spot »804.50USD-6.00-0.75%Dec 027:00PM EST
Palladium Spot »1,310.00USD-8.00-0.61%Dec 027:00PM EST
COMEX Copper »2.64USD-0.03-1.19%Jan 1912:14AM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »378.00USC-0.25-0.07%Mar 191:59AM EST
CBOT Wheat »517.50USC-2.00-0.39%Mar 191:59AM EST
KCBT Wheat »503.50USC-1.00-0.20%Mar 191:52AM EST
MGE Spring Wheat »570.00USC+0.000.00%Mar 191:53AM EST
Euronext Milling Wheat »204.75EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »899.25USC+0.000.00%Jan 195:35PM EST

Have a terrific week.

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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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