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

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

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

Notes: The International Energy Agency (IEA), a watchdog for Crude Oil consuming countries, said in a statement Tuesday that markets are “adequately supplied” and that “global spare production capacity remains at comfortable levels.”

US Secretary of State Mike Pompeo announced “that as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian Crude or condensate.”

US Treasury Secretary Steve Mnuchin told reporters trade negotiations between the Washington and their Chinese counterparts were “making a lot of progress.” He is traveling to Beijing next week for talks to resolve the outstanding issues, the White House is optimistic.

Holdings of SPDR Gold Trust (GLD), the world’s largest gold-backed ETF Tuesday fell to 749.63 tonnes, the lowest since 23 October 2018.

In Asia

Gold: Gold prices fell Wednesday to a 4-month low, as share markets rose and USD gained after strong US housing data dampened concerns about an economic slowdown in the country.

  • Spot gold was down 0.3% to $1,268.84 oz by 0328 GMT,
  • US gold futures were 0.2% lower to $1,270.70 oz.

The major factor that is pressuring gold prices is the strength of USD, which is also pressuring physical demand.

Energy: Crude Oil prices fell Wednesday amid signs that global markets remain adequately supplied despite a jump to Y 2019 highs this week as President Trump pushed for tighter sanctions against Iran.

  • ICE Brent Crude Oil futures to $74.13 bbl at 0456 GMT, -38c, or 0.5%, from Tuesday’s close,
  • NYMEX WTI Crude Oil futures to 65.93 bbl, -37c, or 0.6%, from their prior settlement.

Crude Cil prices for spot delivery rose to Y 2019 highs earlier in the week after the United States said Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

Equities: Equity markets in Asia paused Wednesday, on losses in SKorea and worries that China has put any further stimulus on hold as the economy shows signs of regaining its footing.

MSCI’s broadest index of Asia-Pacific shares sans Japan was 0.5% lower, erasing early gains in the wake of record closing highs on Wall Street overnight.

The biggest regional loser was SKorea’s KOSPI, which was down 1.3%. Investors shrugged off the government’s proposed supplementary budget aimed in part at supporting exports, and worried after chip-maker Texas Instruments said it expects a slowdown in demand for microchips could last a few more Quarters. Shares of Samsung Electronics were down 2.1%.

Chinese equities dropped after early gains, pushing the blue-chip CSI300 index down 0.9% and extending losses on the week driven by concerns that Beijing may slow the pace of policy easing following stronger-than-expected Q-1 economic growth.

Not all Asian markets were down.

Australian shares rose as much as 1.1% to a more-than-11-year high after a sharp slowdown in Australian inflation raised the likelihood of an interest rate cut.

Annual CPI inflation in Australia fell to 1.3% in Q-1, from 1.8% in the prior frame, the lowest since Y 2016.

Japan’s Nikkei stock index was down 0.6%.

Currencies: .DXY which tracks the Buck Vs a basket of 6 peers, gained 0.04% to 97.676, near a 22-month high, following strong US housing data.

USD was 0.06% weaker Vs JPY at 111.79, while the EUR dropped 0.1% to buy $1.1211

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »65.95 USD-0.35-0.53%May 191:27AM EDT
ICE Brent Crude »74.15 USD-0.36-0.49%Apr 191:26AM EDT
NYMEX RBOB Gasoline »2.10 USD-0.03-1.33%Apr 191:24AM EDT
Dubai Crude Spot »73.36 USD-0.19-0.26%Dec 021:37AM EDT
ICE Gas Oil »646.00 USD-2.25-0.35%May 191:24AM EDT
NYMEX No2 Heating Oil »2.11 USD-0.01-0.44%Apr 191:24AM EDT
NYMEX Nat Gas »2.47 USD+0.01+0.49%Apr 191:21AM EDT
ICE NBP Nat Gas »34.34 GBP+0.000.00%Apr 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,269.65USD-2.50-0.20%Dec 021:39AM EDT
COMEX 100oz Gold »1,267.80USD-1.50-0.12%Apr 1910:46PM EDT
Silver Spot »14.80USD-0.01-0.09%Dec 021:39AM EDT
Platinum Spot »884.50USD+0.000.00%Dec 021:39AM EDT
Palladium Spot »1,386.01USD-4.49-0.32%Dec 021:39AM EDT
COMEX Copper »2.90USD+0.000.00%Apr 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »352.00USC+0.75+0.21%May 1912:54AM EDT
CBOT Wheat »438.00USC-0.75-0.17%May 191:13AM EDT
KCBT Wheat »413.50USC-1.00-0.24%May 1912:11AM EDT
MGE Spring Wheat »512.50USC+1.25+0.24%May 191:14AM EDT
Euronext Milling Wheat »182.50EUR+0.000.00%May 1912:29PM EDT
CBOT Soybeans »864.50USC+2.50+0.29%May 191:38AM 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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