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

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


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

Note: Again this week the world’s investors are focused on big bank earnings.

Among positive catalysts in the market are a better-than- expected credit and export growth figures from China, a positive kick-off to the earnings season in the United States and hopes of a US-China trade-spat resolution.

Gold is usually considered a hedge against economic and political uncertainty suffers when risk-sentiment revives.

President Trump threatened to impose tariffs on $11-B worth of European Union products, heightening tensions over a long-running transatlantic Airbus subsidy dispute.

In Asia

Gold: Gold prices fell to a more than 1-wk low Monday, as stronger-than-expected data from China and a robust start to the US earnings season eased concerns about global economic slowdown.

  • Spot gold fell 0.2% to $1,288.08 oz as of 0330 GMT,
  • US gold futures fell 0.3% to $1,291 oz.

“Gold prices have fallen because of improving macro-economic data which is favoring risk-taking,” said a market analyst with CMC Markets, Singapore.

Energy: Crude Oil prices lower Monday after ICE Brent hit a fresh 5-month high in the previous session, but concerns over global supplies kept prices supported.

  • ICE Brent Crude Oil futures were $71.46 bbl at 0233 GMT, -9 cents, or 0.1%, from Friday’s close.
  • NYMEX WTI Crude Oil futures were at $63.63 bbl, -26c, or 0.4%, from Friday’s NY settlement.

“I would expect oil to trade in a relatively tight band around $70 per for the time being,” said the Oil analyst at Energy Aspects in Singapore, pointing to mixed signals on supply from the United States and OPEC and its allies.

The head of Libya’s National Oil Corp warned Friday that renewed fighting could wipe out crude production in the country.

Equities: Asian shares near 9-month highs Monday after US Treasury Secretary Steven Mnuchin said he hoped US-China trade talks were approaching the end, while strong Chinese export and bank loan data boosted confidence in the global economy.

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.6% to its highest since late July. Chinese shares led the growth with the blue-chip CSI300 index rising 2.2%.

Hong Kong’s Hang Seng added 1.2%, while SKorea’s KOSPI rose 0.7%. Japan’s Nikkei gained 1.4% to the highest since early December.

“Stocks bulls certainly have the wind at their backs with improving growth but steady inflation, reduced trade tensions and a solid/better-than-feared Q-1 earnings season,” JPMorgan analysts said in a note to clients early Monday.

Currencies: Monday, .DXY – 0.1% at 96.863 Vs a basket of peer currencies as demand for safe-haven assets eased. It had slipped to a near 3-wk low to 96.745 Friday.

The Australian Dollar is near a 7-wk high at $0.7173.

EUR firmer at $1.1309, as dealers were gearing up for demand from Japan as Mitsubishi UFJ Financial closed in on its multi-billion-euro acquisition of DZ Bank’s aviation-finance business.

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

NYMEX Crude Oil »63.60 USD-0.29-0.46%Apr 1912:37AM EDT
ICE Brent Crude »71.39 USD-0.16-0.22%Apr 1912:37AM EDT
NYMEX RBOB Gasoline »2.02 USD-0.02-0.87%Apr 1912:34AM EDT
Dubai Crude Spot »70.03 USD-0.30-0.43%Dec 0212:48AM EDT
ICE Gas Oil »630.75 USD-2.25-0.36%May 1912:35AM EDT
NYMEX No2 Heating Oil »2.06 USD-0.01-0.31%Apr 1912:38AM EDT
NYMEX Nat Gas »2.64 USD-0.01-0.57%Apr 1912:37AM EDT
ICE NBP Nat Gas »38.52 GBP+0.000.00%Apr 197:00PM EDT
Gold Spot »1,289.36USD-0.64-0.05%Dec 0212:48AM EDT
COMEX 100oz Gold »1,290.60USD+0.000.00%Apr 197:01PM EDT
Silver Spot »14.96USD+0.01+0.09%Dec 0212:48AM EDT
Platinum Spot »889.54USD+3.54+0.40%Dec 0212:48AM EDT
Palladium Spot »1,366.74USD-4.76-0.35%Dec 0212:48AM EDT
COMEX Copper »2.95USD+0.000.00%Apr 197:01PM EDT
CBOT Corn »362.75USC+1.75+0.48%May 1912:35AM EDT
CBOT Wheat »462.50USC-2.00-0.43%May 1912:38AM EDT
KCBT Wheat »431.00USC-3.25-0.75%May 1912:18AM EDT
MGE Spring Wheat »536.25USC+5.00+0.93%May 1912:36AM EDT
Euronext Milling Wheat »189.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »898.75USC+3.50+0.39%May 1912:41AM EDT

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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