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 JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) this week.

Monday, Citigroup (C) beat profit estimates. The bank’s shares rose 4.0% and bolstered the S&P financial sector .SPSY, which rose 0.7%.

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 held steady Tuesday, supported by market expectations of fewer interest rate hikes in the year by the Fed, while a bounce in Chinese equities stoked interest in riskier assets.

  • Spot gold had edged down about 0.1% to $1,290.31 oz by 0521 GMT
  • US gold futures were 0.1% lower at $1,290.70 oz.

See market resistance at 1,3000 until a catalyst comes that will give some boost to safe-haven assets.

Energy: Crude Oil prices rose 1% Tuesday on supply cuts led by OPEC and Russia, although a darkening economic outlook capped gains.

  •  ICE Brent Crude Oil futures were at $59.64 bbl at 0257 GMT, +65c, or 1.1%, from Monday’s close.
  • NYMEX WTI Crude futures were at $51.09 bbl, +58c, or 1.2%.

“The impact of OPEC+ (OPEC and others including Russia) cuts, Iran sanctions and lower month-on-month growth in US production should help to support Oil prices from current levels,” JPMorgan said in a note.

Equities: Asian stocks drove ahead Tuesday, led by a bounce in Chinese shares as Beijing signaled more supportive measures to stabilize a slowing economy, while the GBP braced for a showdown in parliament over the government’s BREXIT plan.

Tokyo’s Nikkei rose 0.55% to 20,474 after a market holiday Monday, while MSCI’s broadest index of Asia-Pacific shares outside Japan recovered from early losses and advanced 0.56%. SKorea’s Kospi hit 1-month highs.

In China, the CSI300 index of Shanghai and Shenzhen shares rose 0.62% supported by expectations of more government policy measures to stimulate a slowing economy.

S&P500 e-mini futures also gained 0.51% to 2,594 in early Asian trade.

Currencies: GBP’s 1-month implied volatility stood at 12.5%, above the average for the past year of around 8.8% well off 20% + marks seen in the days just before the UK referendum on 23 June 2016.

The GBP changed hands at $1.2897, +0.2%, having hit a 2-month high of $1.2930 Monday.

EUR +0.17% to $1.1486, consolidating after hitting a 12-week high of $1.1570 marked Thursday.

USD weakened on heightened expectations the Fed will hold off on raising rates this year due to a slowdown in global growth.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »51.24 USD+0.73+1.42%Jan 191:11AM EST
ICE Brent Crude »59.84 USD+0.85+1.42%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.39 USD+0.02+1.61%Jan 191:06AM EST
Dubai Crude Spot »58.88 USD+0.55+0.93%Dec 021:22AM EST
ICE Gas Oil »562.00 USD-5.50-0.98%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.87 USD+0.02+0.98%Jan 191:10AM EST
NYMEX Nat Gas »3.71 USD+0.12+3.10%Jan 191:11AM EST
ICE NBP Nat Gas »59.30 GBP+0.000.00%Jan 197:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,290.82USD-0.87-0.07%Dec 027:00PM EST
COMEX 100oz Gold »1,289.10USD+0.000.00%Jan 197:00PM EST
Silver Spot »15.67USD+0.02+0.13%Dec 027:00PM EST
Platinum Spot »800.00USD+0.50+0.06%Dec 027:00PM EST
Palladium Spot »1,324.00USD+1.01+0.08%Dec 027:00PM EST
COMEX Copper »2.65USD+0.000.00%Jan 197:01PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »380.75USC+2.25+0.59%Mar 191:27AM EST
CBOT Wheat »517.75USC+3.50+0.68%Mar 191:24AM EST
KCBT Wheat »502.00USC+3.00+0.60%Mar 191:24AM EST
MGE Spring Wheat »566.50USC+1.00+0.18%Mar 1912:54AM EST
Euronext Milling Wheat »203.75EUR+0.000.00%Mar 197:00PM EST
CBOT Soybeans »907.75USC+4.25+0.47%Mar 191:28AM EST

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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