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

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


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

Note: The quiet start to the week in global equity markets comes ahead of a 2-day meeting of the policy-setting FOMC. The committee is set to release its latest statement at 2:00p EDT (1800 GMT) Wednesday.

We have now turned from sentiment where this stock rally was 1 where professionals did not take part in, to a fast paced entry where hedge funds and investors are chasing markets they have been betting against.

There is a broad Bearish sentiment across Asia market opening this morning as a very disappointing China manufacturing PMI triggered a sell-off in currencies and emerging markets and equity markets.

In Asia

Gold: Gold prices rose Tuesday as soft Chinese factory activity data sent Asian shares lower, rekindling concerns about the health of the global economy.

  • Spot gold rose 0.3% to $1,283.69 oz at 0503 GMT,
  • US gold futures were up 0.3% at $1,285.60 oz.

There is a broad bearish sentiment across Asia market opening this morning as a very disappointing China manufacturing PMI triggered a sell-off in currencies and emerging markets and equity markets.

Reading on the official Purchasing Managers’ Index (PMI) for manufacturing unexpectedly fell to 50.1 in April from March’s reading of 50.5 stoking concerns about the economic state of China and pressuring Asian equities lower.

Energy: Crude Oil prices dipped Tuesday on expectations rising output from the US and OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.

  • ICE Brent Crude Oil futures were at $71.75 bbl at 0131 GMT, -29c, or 0.4%, from Monday’s close
  • NYMEX WTI Crude Oil futures were at $63.35 bbl, -15c, or 0.2% from Monday’s settlement.

Crude Oil prices are under downward pressure as President Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions.

Equities: Shares in Asia fell Tuesday as readings on China’s manufacturing activity failed to meet expectations, underscoring weakness in the world’s 2nd-largest economy despite Beijing’s attempts to spur growth.

MSCI’s broadest gauge of Asia-Pacific shares sans Japan was off 0.7%. SKorean shares led losses for the region, falling 1.3%.

Australian equities fell 0.6%.

Japan’s financial markets remain closed for a National holiday as Japanese Emperor Akihito prepares to abdicate Tuesday in favor of his elder son, Crown Prince Naruhito.

Asian investors had shrugged off cautious gains on Wall Street overnight that had lifted the S&P 500 index to an intra-day record high of 2,949.52. The index finished up 0.11% at a record closing high of 2,943.03.

The NAS Comp gained 0.19% to 8,161.85, also a record closing high, and the DJIA posted 0.04% gainer to 26,554.39.

Currencies: USD lost 0.05% Vs JPY to 111.55, and EUR flat to unchanged at $1.1184.

.DXY, which tracks the Buck against a basket of 6 peers, was also unchanged, holding at 97.852.

While other currencies remained stable, USD jumped 0.4% against the Korean Won, to 1,163.33.

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

NYMEX Crude Oil »62.97 USD-0.33-0.52%May 191:01AM EDT
ICE Brent Crude »71.75 USD-0.40-0.56%Apr 1912:55AM EDT
NYMEX RBOB Gasoline »2.09 USD-0.01-0.33%Apr 1911:35PM EDT
Dubai Crude Spot »71.20 USD-0.25-0.35%Dec 021:11AM EDT
ICE Gas Oil »625.00 USD+1.75+0.28%May 1912:31AM EDT
NYMEX No2 Heating Oil »2.04 USD-0.01-0.41%Apr 1910:10PM EDT
NYMEX Nat Gas »2.58 USD+0.00+0.15%May 191:00AM EDT
ICE NBP Nat Gas »33.90 GBP+0.000.00%Apr 197:00PM EDT
Gold Spot »1,284.85USD-1.00-0.08%Dec 021:10AM EDT
COMEX 100oz Gold »1,284.20USD-1.30-0.10%May 1911:16PM EDT
Silver Spot »15.04USD-0.02-0.11%Dec 021:08AM EDT
Platinum Spot »895.61USD+1.11+0.12%Dec 021:08AM EDT
Palladium Spot »1,450.55USD-13.95-0.96%Dec 021:08AM EDT
COMEX Copper »2.97USD+0.000.00%Apr 1912:00AM EDT
CBOT Corn »354.50USC+3.25+0.92%May 1912:59AM EDT
CBOT Wheat »438.00USC+3.00+0.68%May 191:01AM EDT
KCBT Wheat »403.00USC+3.25+0.81%May 1911:21PM EDT
MGE Spring Wheat »503.25USC+5.25+1.04%May 1912:49AM EDT
Euronext Milling Wheat »183.50EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »857.75USC+4.00+0.47%May 191:02AM 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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