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

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


In Asia

Notes: On the earnings front, US banks: Goldman Sachs (GS) will be in focus Wednesday

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 edged up Wednesday, supported by uncertainty around BREXIIT after lawmakers voted down British PM Theresa May’s deal to leave the EU, while calls grew for a pause in US rate hikes.

  • Spot gold was up 0.2% at $1,291.49 oz, as of 0730 GMT.
  • US gold futures were up 0.2% at $1,290.90 oz.

An increased chance of a disorderly BREXIT is supporting gold’s safe-haven appeal due to a risk-off sentiment.

Gold is holding pretty well despite competing influence from US stock markets.

Among other precious metals

  • Palladium rose 0.4% to $1,323.50 oz.
  • Platinum rose 0.3% to $795.50 oz.
  • Silver was steady at $15.57 oz. 

Energy: Crude Oil prices were steady Wednesday after climbing about 3% in the prior session as expectations that OPEC-led supply cuts can tighten market fundamentals offset concerns of a global economic slowdown.

  • ICE Brent Crude Oil futures were at $60.68 bbl at 0703 GMT, 4c above their last close.
  • NYMEX WTI Crude Oil futures were up 2c from their last settlement, at $52.13 bbl.

The Crude Oil market is looking at Saudi Arabia’s aggressive supply cuts and Chinese aggressive stimulus in here.

China’s central bank Wednesday made its biggest daily net cash injection via RRR (reverse repo_ operations on record, more evidence that authorities are shifting to policy easing to counter a slowdown in Asia’s biggest economy.

Equities: Global stock markets and the Great British Pound weathered a UK political storm as investors wagered that London will have no choice but to delay its BREXIT deadline to avoid a disorderly exit from the EU.

Trading in Asian equities Wednesday saw resilience overnight in the face of the latest setback for British Prime Minister Theresa May.

European shares are also steady to firmer, with spread-betters looking to a rise of 0.3% in Germany’s DAX and a flat opening in Britain’s FTSE and France’s CAC.

MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.14% in late trade, with Australian shares hitting 2-month highs and SKorea’s Kospi and Hong Kong’s Hang Seng reaching 6-week tops.

Equity markets had rallied Tuesday after Chinese officials came out in force to signal more measures to stabilize a slowing economy. Underscoring that commitment, China’s central bank earlier Wednesday injected a record amount of money into the country’s financial system..

Japan’s Nikkei lost 0.55% while China’s blue-chip CSI300 index of Shanghai and Shenzhen shares was flat, holding on to most of the prior session’s gains, when it rose nearly 2%.

Currencies: The Buck lost 0.2% at 108.50 JYP, the EUR was flat at $1.1413. The single currency has lost nearly 1.5% from a 12-week high hit on 10 January

EUR stood near 7-week low Vs the GBP at 88.69p, EUR/GBP.

Commodities: Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »52.21 USD+0.10+0.19%Jan 192:18AM EST
ICE Brent Crude »60.84 USD+0.20+0.33%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.41 USD+0.00+0.23%Jan 192:16AM EST
Dubai Crude Spot »59.78 USD+0.15+0.25%Dec 022:28AM EST
ICE Gas Oil »563.50 USD+6.50+1.15%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.87 USD+0.00+0.13%Jan 192:15AM EST
NYMEX Nat Gas »3.41 USD-0.09-2.64%Jan 192:18AM EST
ICE NBP Nat Gas »61.38 GBP+0.77+1.25%Jan 197:00PM EST
Gold Spot »1,291.45USD+2.21+0.17%Dec 027:00PM EST
COMEX 100oz Gold »1,286.20USD+0.000.00%Jan 197:01PM EST
Silver Spot »15.57USD-0.01-0.04%Dec 027:00PM EST
Platinum Spot »796.00USD+2.50+0.31%Dec 027:00PM EST
Palladium Spot »1,323.50USD+5.50+0.42%Dec 027:00PM EST
COMEX Copper »2.65USD+0.000.00%Jan 197:01PM EST
CBOT Corn »373.75USC+2.50+0.67%Mar 192:28AM EST
CBOT Wheat »514.50USC+3.50+0.68%Mar 192:28AM EST
KCBT Wheat »499.00USC+3.50+0.70%Mar 192:28AM EST
MGE Spring Wheat »564.75USC+2.75+0.49%Mar 192:26AM EST
Euronext Milling Wheat »203.00EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »897.75USC+4.50+0.50%Mar 192:24AM 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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