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

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

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

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

Notes: And again, President Trump has increased pressure on China to reach a trade deal, saying he will hike US tariffs on $200-B worth of Chinese goods tat 12:01a Friday, and targets $325-B more..

China wants the tariffs to be lifted, while President Trump wants to keep some, if not all, of them as part of any final deal to ensure China lives up to its commitments, the White House said.

China Vice Premier Liu He will travel to the US Thursday for trade talks, the pressure is on China to align with President Trump’s demands, or suffer more economic pain.

Gold has not delivered a big gainer following The Trump Tariff ramp up and markets may see Bearish momentum accelerate if we do see a positive outcome with the talks in Washington this week.

In Asia

Gold: Gold prices steady Thursday ahead of US-China trade negotiations, while demand for government bonds and JPY and a Key technical resistance limited gains for the safe-haven Yellow metal.

  • Spot gold +0.1% to $1,281.19 oz at 0542 GMT,
  • US gold futures +0.1% at $1,282.10.

Participants are not in the flight to safety or panic mode despite the risk-averse market we are seeing now and that is why we are not seeing gold prices rally in here.

Energy: Crude Oil prices dropped Thursday on concerns over the escalating trade dispute between the US and China, despite a surprise fall in US Crude Oil stocks.

  • ICE Brent Crude Oil futures were at $69.91 bbl by 0600 GMT, -46c, or 0.7%, from Wednesday’s settlement,
  • NYMEX WTI Crude Oil futures were at $61.76 bbl, -36c, or 0.6%.

Crude Oil prices have not reacted drastically, meaning the market has adopted a wait-and-see mode.

Equities: Asian shares fell to 8-wk lows Thursday as investors waited to see whether Chinese and US trade negotiators can salvage a deal to stave off the threat of fresh US tariff increases, which could damage global economic growth.

European stocks are set to open lower, with pan-region Euro Stoxx 50 futures down 0.5%, and German DAX futures down 0.4%, and FTSE futures 0.3% lower in early trade.

In Asia, MSCI’s broadest index of Asia-Pacific shares sans Japan dropped over 1% to its lowest mark since 11 March.

Stocks extended earlier losses in Asian trade after President Trump told a rally of supporters that China had “broke the deal” and would be paying for it dearly

The Chinese market fell and hangs close to its 2.5 month lows. Shanghai shares -0.8%, the blue-chip CSI 300 dropped 1%, and Hong Kong’s Hang Seng off 1.7%.

Japan’s Nikkei average – 0.9% to a 5-wk low, SKorea’s KOSPI fell over 2%, the Australian benchmark added 0.5%.

Currencies: GBP weakened on signs that BREXIT talks between Britain’s government and the main opposition party may collapse soon, as it fell below the psych mark at $1.30, touching a 6-day low overnight, and last traded at $1.3019.

.DXY Vs a basket of 6 major peers was down 0.06% at 97.561, with other major currencies also confined recent ranges.

EUR was little changed at $1.1194 and the JPY +0.2% Vs the Buck at 109.92 JPY.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »61.69 USD-0.43-0.70%May 192:32AM EDT
ICE Brent Crude »69.83 USD-0.54-0.77%May 192:31AM EDT
NYMEX RBOB Gasoline »1.95 USD-0.02-1.08%May 192:31AM EDT
Dubai Crude Spot »68.59 USD-0.20-0.29%Dec 022:41AM EDT
ICE Gas Oil »634.00 USD-5.25-0.83%May 192:23AM EDT
NYMEX No2 Heating Oil »2.05 USD-0.01-0.42%May 192:31AM EDT
NYMEX Nat Gas »2.60 USD-0.01-0.42%May 192:32AM EDT
ICE NBP Nat Gas »34.00 GBP+0.81+2.38%May 192:30AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,282.73USD+2.20+0.17%Dec 022:40AM EDT
COMEX 100oz Gold »1,280.50USD+1.10+0.09%May 1912:09AM EDT
Silver Spot »14.85USD+0.01+0.08%Dec 022:38AM EDT
Platinum Spot »861.62USD+5.12+0.59%Dec 022:40AM EDT
Palladium Spot »1,319.30USD+1.80+0.14%Dec 022:38AM EDT
COMEX Copper »2.78USD-0.01-0.27%May 192:06AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »355.25USC+0.000.00%May 195:16PM EDT
CBOT Wheat »431.25USC+0.000.00%May 195:12PM EDT
KCBT Wheat »394.25USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »508.25USC+0.000.00%May 192:29AM EDT
Euronext Milling Wheat »184.75EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »808.25USC-6.00-0.74%May 198:46PM 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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