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

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

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

FLASH: Gold Off, USD Up, Crude Oil Down, Stocks Down

Notes: Gold is now more than 5% below its late-February 2019 high at $1,346.73 oz.

Investors await the release of the Fed’s mins at 1800 GMT, which is expected to provide insights into the 1 May meeting by the FOMC, when policymakers kept interest rates steady and signaled little appetite to adjust them any time soon.

In Asia

Gold: Gold edged lower Wednesday to near a 2-week low, as a stronger USD and signs of easing US-China trade friction dampened demand for bullion ahead of the mins from Fed’s latest meeting.

  • Spot gold edged down 0.1% to $1,274.10 oz at 0443 GMT,
  • US gold futures were flat to Unchanged at $1,273.70 oz.

The USD hangs near a 4-week high supported by higher US yields, which rose overnight after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies Co Ltd.

A stronger USD and Washington’s extension to Huawei for 3 months has put the knife into gold.

Energy: Crude Oil prices fell Wednesday after industry data showed an increase in US Crude Oil inventories and as Saudi Arabia pledged to keep markets balanced.

  • ICE Brent Crude Oil futures -36c, or 0.5%, at $71.82 bbll by 0414 GMT,
  • NYMEX WTI Crude Oil futures for July delivery -49c, or 0.8%, at $62.64.

The American Petroleum Institute (API) said Tuesday that US Crude Oil stockpiles rose by 2.4-M bbl last week, to 480.2-M bbl, compared with analysts’ expectations for a decrease of 599,000 bbl

Official data from the U.S Energy Information Administration’s oil stockpiles report is due later Wednesday.

Equities: Asian stocks shaky Wednesday, as earlier relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies failed to offset deeper worries about trade frictions between the world’s 2 largest economies.

The Shanghai Composite Index was last down 0.1%.

Australian stocks gave up 0.1% and SKorea’s KOSPI fell 0.2%. Japan’s Nikkei edged up 0.3%.

MSCI’s broadest index of Asia-Pacific shares sans Japan moved in and out of the Red and last stood little changed.

Currencies: USD traded at 110.570 JPY after popping up to a 2-week high at 110.675 against the safe-haven JPY overnight as US Treasury yields rose in the wake of gains by Wall Street shares.

EUR was little changed at $1.1165 after brushing a 2.5 week low of $1.1142.

GBP was steady at $1.2710, it had had sunk to a 4-month low of $1.2685 Tuesday on BREXIT worries but bounced back after British Prime Minister Theresa May proposed a “new” BREXIT deal.

AUD, sensitive to shifts in risk sentiment, inched down 0.05% to $0.6882. The currency had suffered losses the previous day when Australia’s central bank governor said interest rates might be cut as soon as next month.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »62.56 USD-0.57-0.91%Jun 1912:51AM EDT
ICE Brent Crude »71.73 USD-0.45-0.63%May 1912:49AM EDT
NYMEX RBOB Gasoline »2.01 USD-0.01-0.48%May 1912:35AM EDT
Dubai Crude Spot »70.32 USD-0.47-0.67%Dec 021:01AM EDT
ICE Gas Oil »641.50 USD-3.50-0.55%Jun 1912:49AM EDT
NYMEX No2 Heating Oil »2.07 USD-0.01-0.45%May 1911:57PM EDT
NYMEX Nat Gas »2.62 USD+0.01+0.27%May 1912:51AM EDT
ICE NBP Nat Gas »30.15 GBP+0.000.00%May 1911:59AM EDT

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,273.62USD-1.10-0.09%Dec 0212:58AM EDT
COMEX 100oz Gold »1,272.00USD+0.000.00%May 197:01PM EDT
Silver Spot »14.44USD-0.00-0.02%Dec 0212:58AM EDT
Platinum Spot »806.79USD-6.71-0.83%Dec 0212:58AM EDT
Palladium Spot »1,316.92USD-2.58-0.20%Dec 0212:58AM EDT
COMEX Copper »2.72USD+0.000.00%May 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »394.50USC+0.25+0.06%Jul 1912:54AM EDT
CBOT Wheat »479.25USC+0.50+0.10%Jul 1912:54AM EDT
KCBT Wheat »438.75USC+2.75+0.63%Jul 1912:52AM EDT
MGE Spring Wheat »547.00USC+4.00+0.73%Jul 1912:47AM EDT
Euronext Milling Wheat »176.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »828.25USC+6.25+0.75%Jul 1912:53AM 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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