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 Steady, Crude Oil Off, Stocks Up

Notes: The FX (foreign exchange) market showed little reaction to worse-than-expected growth in Chinese industrial output and retail sales for April that underlined the need for Beijing to roll out more stimulus measures to support the world’s 2nd-largest economy.

Growth in China’s industrial output slowed more than expected to 5.4% in April from a 4.5 year high in March, reinforcing views that Beijing will have to roll out more stimulus measures as the trade dust-up with the United States intensifies.

In Asia

Gold: Gold steadied Wednesday after retreating from a 1-month high Tuesday, as Washington and Beijing decided to further their discussions on trade, soothing investor concerns.

  • Spot gold was steady at $1,297.45 oz at 0136 GMT,
  • US gold futures were also steady at $1,298 oz.

Energy: Crude Oil prices fell Wednesday after data showed a rise in US stockpiles and Chinese industrial output for April grew less than expected, prices were supported by tensions in the Middle East.

  • ICE Brent Crude Oil futures were at $71.04 bbl at 0358 GMT, -20c, or 0.3% from Tuesday’s close,
  • NYMEX WTI Crude Oil futures were at $61.38 bbl, -40c, or 0.7%, from Tuesday’s settlement.

US crude stockpiles unexpectedly rose last week, while gasoline and distillate inventories increased, data from industry group the American Petroleum Institute (API) showed Tuesday.

US Crude Oil inventories rose by 8.6-M bbl in the week to 10 May to 477.8-M, compared with analysts’ expectations of a decrease of 800,000 bbl.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.1-M bbl, API said.

The US Energy Department’s Energy Information Administration (EIA) reports official numbers Wednesday.

Equities: Asian stocks bounced from a 3.5-month low Wednesday, a softening in rhetoric from President Trump helped ease worries about the US-China trade dispute and on expectations Beijing could release more economic stimulus.

MSCI’s broadest index of Asia-Pacific shares sans Japan gained 0.5%. The index had fallen to its lowest mark since late January Tuesday.

The Shanghai Composite Index advanced 1%, shrugging off concerns about economic growth following weaker-than-expected Chinese data released Wednesday.

Australian stocks added 0.6%, SKorea’s KOSPI gained 0.7% and Japan’s Nikkei dipped 0.1%.

Currencies: USD steady while AUD hangs near a 4-month+ low Wednesday, as traders awaited European and US data for clues on whether the worst is over for the global economy.

.DXY Vs a basket of 6 peers was largely steady at 97.514, having risen 0.2% during the prior session.

EUR was firm at $1.1206.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »61.22 USD+0.18+0.29%May 1912:04AM EDT
ICE Brent Crude »70.46 USD+0.23+0.33%May 1912:03AM EDT
NYMEX RBOB Gasoline »1.97 USD+0.00+0.09%May 1911:41PM EDT
Dubai Crude Spot »69.23 USD+0.28+0.40%Dec 0212:11AM EDT
ICE Gas Oil »632.75 USD-6.50-1.03%Jun 1912:04AM EDT
NYMEX No2 Heating Oil »2.04 USD+0.00+0.09%May 1912:04AM EDT
NYMEX Nat Gas »2.64 USD+0.02+0.68%May 1912:02AM EDT
ICE NBP Nat Gas »32.15 GBP+0.000.00%May 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,299.80USD+0.15+0.01%Dec 021:48AM EDT
COMEX 100oz Gold »1,297.80USD-2.30-0.18%May 1910:06PM EDT
Silver Spot »14.79USD+0.03+0.17%Dec 021:48AM EDT
Platinum Spot »862.83USD+9.65+1.12%Dec 021:48AM EDT
Palladium Spot »1,329.90USD+7.90+0.59%Dec 021:48AM EDT
COMEX Copper »2.74USD+0.01+0.46%May 199:14PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »354.25USC+6.75+1.91%May 1911:00PM EDT
CBOT Wheat »431.25USC+0.000.00%May 195:12PM EDT
KCBT Wheat »397.00USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »507.75USC+0.000.00%May 191:26AM EDT
Euronext Milling Wheat »168.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »791.00USC+0.000.00%May 195:11PM 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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