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

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

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

FLASH: Gold Flat, USD Flat, Crude Oil Up, Stocks Mixed

Notes: Long term prospects for EUR are not bright, given the region’s soft economic fundamentals. But the news on the auto tariff delay is helping the single currency establish support at $1.1200

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.

The Organization of the Petroleum Exporting Countries (OPEC) said that world demand for its Crude Oil would be higher than expected this year.

In Asia

Gold: Gold steadied Thursday, consolidating in a tight range below the Key $1,300 psych mark.

  • Spot gold was unchanged at $1,295.93 oz at 0604 GMT, moving in a narrow range of about $3,
  • US gold futures also flat at $1,297.40 oz.

On the technical front, spot gold is expected to test a resistance at $1,307, a break above which could lead to a gain to $1,322.

There are a lot of underlying tensions that might be supportive for gold.

While gold’s gains may be limited by expectations of talks between the US and China, the precious Yellow metal would still hang in the $1,280-1,310 range,

Energy: Crude Oil prices rose Thursday for a 3rd session running, as the risk of conflict in the Middle East fueled fears of supply disruptions, negating an unexpected rise in US stockpiles.

  • ICE Brent Crude Oil futures were at $72.16 bbl at 0349 GMT, +39 c, or 0.5%, from Wednesday’s close,
  • NYMEX WTI Crude Oil futures were at $62.41 bbl, +39c, or 0.6%, from Wednesday’s close.

Analysts said Crude Oil is drawing support from heightened tensions in the Middle East.

Equities: Asian stocks slipped after the United States hit Huawei with severe sanctions, threatening to further strain trade ties, and erasing limited gains triggered by news that President Trump planned to delay implementing tariffs on auto imports.

MSCI’s broadest index of Asia-Pacific shares sans Japan fell 0.25%, hanging not far off its lowest marks since late January.

Japan’s Nikkei lost 0.6%, and SKorean shares lost 1.1%.

Bucking the downtrend, Chinese shares recovered on hopes of supportive government policy after opening in negative territory, with the Shanghai Composite Index last trading up 0.5%.

Australian stocks advanced 0.5% as weaker-than-expected local job data bolstered expectations for a central bank rate cute.

Currencies: EUR and JPY steadied against USD Thursday, after US officials said President Trump was expected to delay implementing tariffs on imported cars and parts by up to 6 months to give trade negotiators more time.

EUR was + 0.1% at $1.1208, USD edged down 0.1% to 109.485 JPY.

.DXY Vs a basket of 6 peers was nearly flat at 97.542 after posting modest gains Wednesday.

The Australian dollar (AUD) was 0.25% lower at $0.6913

GBP still near a 3-month low of $1.2827 marked Wednesday.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »62.39 USD+0.37+0.59%May 192:37AM EDT
ICE Brent Crude »72.15 USD+0.38+0.53%May 192:37AM EDT
NYMEX RBOB Gasoline »2.02 USD+0.01+0.31%May 192:37AM EDT
Dubai Crude Spot »70.99 USD+0.19+0.27%Dec 022:48AM EDT
ICE Gas Oil »650.25 USD-0.25-0.04%Jun 192:36AM EDT
NYMEX No2 Heating Oil »2.09 USD+0.01+0.38%May 192:37AM EDT
NYMEX Nat Gas »2.61 USD+0.01+0.23%May 192:37AM EDT
ICE NBP Nat Gas »32.63 GBP+0.000.00%May 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,297.00USD+0.59+0.05%Dec 022:49AM EDT
COMEX 100oz Gold »1,296.30USD+0.000.00%May 197:01PM EDT
Silver Spot »14.80USD+0.01+0.05%Dec 022:49AM EDT
Platinum Spot »840.98USD-4.68-0.56%Dec 022:49AM EDT
Palladium Spot »1,335.25USD-9.26-0.69%Dec 022:49AM EDT
COMEX Copper »2.76USD+0.00+0.16%May 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »375.00USC+5.50+1.47%Jul 192:46AM EDT
CBOT Wheat »454.25USC+5.50+1.21%Jul 192:47AM EDT
KCBT Wheat »408.25USC+6.25+1.53%Jul 192:42AM EDT
MGE Spring Wheat »520.75USC+5.50+1.06%Jul 192:30AM EDT
Euronext Milling Wheat »172.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »839.00USC+3.50+0.42%Jul 192:46AM 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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