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

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

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

FLASH: Gold Off, USD Down, Crude Oil Off, Stocks Flat (May Day Holiday)

Note: China and the United States began their latest talks in Beijing on Wednesday aimed at ending a bitter trade dispute, after US Treasury Secretary Steven Mnuchin said he had a “nice” working dinner the night before with China Vice Premier Liu He.

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.

The Bank of England announces its interest rate decision Thursday. Traders will search Governor Mark Carney’s comments for signals that the central bank is ready to raise rates to tame inflationary pressures although few analysts expect an increase before Britain’s departure from the EU is clearer.

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 off Wednesday on gains in US stocks, while a May Day holiday slowed most of Asian markets ahead of a closely monitored FOMC decision on the future trajectory of interest rates.

  • Spot gold was down 0.2% at $1,280.24 oz, as of 0315 GMT,
  • US gold futures fell 0.3% to $1,281.60 oz

Given the strength in stock markets and world economic data there is no need for inflation hedges via the gold market.

Energy: Crude Oil prices off Wednesday after a report showed a rise in US inventories, still the global markets are tense due a the political crisis in Venezuela, tightening sanctions on Iran, and OPEC supply cuts.

  • ICE Brent Crude Oil futures were at $71.59 bbl at 0402 GMT, -47c, or 0.7%, from Tuesday’s close,
  • NYMEX WTI Crude Oil futures were down 60c, or 0.9%, at $63.31 bbl

Note: Trading is thin as May Day is a Holiday in many markets.

US Crude Oil stocks rose by 6.8-M to 466.4-M bbl in the week to 26 April, industry group the American Petroleum Institute (API) said Tuesday.

Equities: Many Asia financial markets are shutered for the May Day Holiday Wednesday.

Currencies: GBP rose above $1.30 marking a 2-week high, Tuesday after media reports that the tone of BREXIT talks between the British government and the main opposition party improved.

.DXY fell Vs a basket of peer currencies on Monday, slipping further from a 23-month high, as traders await more data to convince them whether to add to their Bullish positions in the Buck.

Speculators raised their long USD positions to $37.21-B last week, the highest level since December 2015, according to USCommodity Futures Trading Commission data released late Friday.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »63.32 USD-0.59-0.93%May 192:10AM EDT
ICE Brent Crude »71.61 USD-0.45-0.63%May 192:07AM EDT
NYMEX RBOB Gasoline »2.05 USD-0.01-0.62%May 192:08AM EDT
Dubai Crude Spot »71.47 USD+0.69+0.97%Dec 022:18AM EDT
ICE Gas Oil »635.25 USD-2.75-0.43%May 191:55AM EDT
NYMEX No2 Heating Oil »2.07 USD-0.01-0.49%May 192:07AM EDT
NYMEX Nat Gas »2.58 USD+0.00+0.12%May 192:07AM EDT
ICE NBP Nat Gas »33.00 GBP-0.66-2.00%May 191:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,279.23USD-4.12-0.32%Dec 022:20AM EDT
COMEX 100oz Gold »1,278.70USD-4.10-0.32%May 1910:46PM EDT
Silver Spot »14.89USD-0.04-0.28%Dec 022:18AM EDT
Platinum Spot »876.70USD-9.30-1.06%Dec 022:18AM EDT
Palladium Spot »1,375.55USD-12.45-0.91%Dec 022:18AM EDT
COMEX Copper »2.90USD+0.00+0.09%May 191:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »356.00USC+2.75+0.77%May 1910:07PM EDT
CBOT Wheat »418.50USC+0.000.00%May 195:13PM EDT
KCBT Wheat »386.25USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »490.25USC+0.000.00%May 191:41AM EDT
Euronext Milling Wheat »183.00EUR-1.00-0.55%May 1912:29PM EDT
CBOT Soybean »843.00USC+1.75+0.21%May 1911:48PM 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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