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

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

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

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

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

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

Best case from here is President Trump holds at 25%. But unless China blinks things will get far, far worse. This can escalate beyond tariffs. And beyond economics.

The most likely outcome sees both sides concluding a deal, albeit at perhaps a slightly delayed time-frame.

We expect the market will remain volatile until a deal is reached.

Gold has not delivered speculators big gainer following The Trump Tariff ramp up and markets may see Bearish momentum accelerate on a positive outcome with the talks in Washington Friday

In Asia

Gold: Gold prices firm Friday, drawing support from increased trade tensions after President Trump’s tariff on Chinese goods took effect, putting bullion on track for a weekly gainer.

  • Spot gold was steady at $1,284 oz at 0705 GMT and is up about 0.4% on the week,
  • US gold futures were also firm at $1,285 oz.

Energy: Crude Oil prices pared earlier gains Friday following President Trump’s tariff increase on $200-B worth of Chinese goods took effect, escalating the trade dispute between the world’s 2 biggest economies and Crude Oil consumers.

  • ICE Brent Crude Oil futures were at $70.41 bbl at 0523 GMT, +2c from Thursday’s close,
  • NYMEX WTI Crude Oil futures were at $61.78 per barrel, +8c from Thursday’s close.

Crude Oil prices along with most risk assets are moving in sync with trade tariff updates.

Equities: E-mini futures for US S&P500 slipped after the higher tariffs kicked in, and were last down 0.6%.

Chinese shares, even more volatile, dropped sharply when the tariffs took effect but recovered, with the Shanghai composite index last + 1.9+

MSCI’s broadest index of Asia-Pacific shares sans Japan, which dropped more than 1% early Friday, remained where they were when tariff increase kicked in, +0.3%.

Japan’s Nikkei was off 0.3%.

European stock futures point to gainer of 0.5-0.6%.

Currencies: USD steady Vs the safe-haven JPY Friday, taking in stride the hike in US tariffs on Chinese goods that went into effect and awaiting resumption of talks between Top officials of the world’s 2 largest economies.

EUR added 0.15% to $1.1229 after marking a 1-week peak of $1.1251 Thursday

.DXY Vs a basket of 6 peer currencies was little changed at 97.353 .

AUD was +0.05% at $0.6990 after reaching as high as $0.7019. The Aussie was down 0.5% on the week

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »62.15 USD+0.45+0.72%May 193:39AM EDT
ICE Brent Crude »70.81 USD+0.42+0.59%May 193:39AM EDT
NYMEX RBOB Gasoline »1.99 USD+0.01+0.48%May 193:39AM EDT
Dubai Crude Spot »69.47 USD+1.00+1.44%Dec 023:49AM EDT
ICE Gas Oil »640.00 USD+7.75+1.21%May 193:15AM EDT
NYMEX No2 Heating Oil »2.06 USD+0.02+0.85%May 193:38AM EDT
NYMEX Nat Gas »2.60 USD+0.00+0.04%May 193:40AM EDT
ICE NBP Nat Gas »33.74 GBP-0.01-0.03%May 193:38AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,285.54USD+1.80+0.14%Dec 023:48AM EDT
COMEX 100oz Gold »1,283.30USD-0.20-0.02%May 193:07AM EDT
Silver Spot »14.80USD+0.04+0.28%Dec 023:48AM EDT
Platinum Spot »857.67USD+13.68+1.59%Dec 023:48AM EDT
Palladium Spot »1,311.75USD+18.25+1.39%Dec 023:48AM EDT
COMEX Copper »2.78USD-0.00-0.16%May 191:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »346.50USC+2.00+0.58%May 193:32AM EDT
CBOT Wheat »421.75USC+0.000.00%May 195:13PM EDT
KCBT Wheat »390.00USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »510.00USC+0.000.00%May 193:32AM EDT
Euronext Milling Wheat »185.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »804.00USC+3.75+0.47%May 198:30PM EDT

Have a terrific weekend

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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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