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



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

In Asia

Gold: Gold prices held steady Friday after rising above $1,280 in Thursday’s session.

  • Spot gold was steady at $1,283.56 oz by 0415 GMT,
  • US gold futures for June were down 0.2% at 1,283.10.

Gold has found a very good support around $1,270. There was some short covering after the weak US data that pushed prices up. But, the Northside could be limited as $1,290 is acting as a strong resistance,

Energy: Crude Oil prices recouped more than 1% Friday but are on track for their biggest weekly loss this year after swelling inventories and concerns over an economic slowdown led to big falls earlier in the week.

  • ICE Brent Crude Oil futures were at $68.65 bbl at 0534 GMT, +89c, or 1.3%, from Thursday’s close,
  • NYMEX WTI Crude Oil futures +74c, or 1.3%, at $58.65 bbl.

Crude Oil remains vulnerable to any trade headlines, and with Asian currencies and stocks most likely to be dragged lower, any rallies may be short-lived.

Equities: Asian stock markets were mixed Friday, with sentiment torn between investors worried that the U.S.-China trade dispute was becoming more protracted, and others hopeful that the world’s 2 largest economies would reach a settlement soon.

European stock markets looked more optimistic. In early trade, futures for the pan-region Euro Stoxx 50 index and German DAX futures gained 0.4%, and London’s FTSE futures were up 0.3%.

In Asia, MSCI’s broadest index of Asia-Pacific shares sans Japan bounced back to trade flat after hitting a 4-month low earlier. The index is still on track for a 3rd weekly loss running, down 0.8% so far on the week.

Chinese equities firmed as some investors took advantage of cheap share prices. The Shanghai Composite gained 0.1% and the blue-chip CSI 300 rose 0.4% in afternoon trade. Hong Kong’s Hang Seng added 0.3%.

Japan’s Nikkei average was lower by 0.3%.

On Wall Street, the DJIA fell 1.1%, the S&P 500 lost 1.2% and the NAS Comp dropped 1.6%, as traders sold cyclical names on fears that the escalating US-China trade dispute would dampen global economic growth.

Currencies: .DXY hit a high of 98.371 Thursday. It was last quoted at 97.847, little changed on the day.

EUR Thursday slumped to marks last seen in May 2017 as a recovery in Eurozone business activity was weaker than expected. Early Friday, the currency was flat at $1.1181.

GBP weakened Thursday as pressure mounted on British Prime Minister Theresa May to name a date for her departure after a backlash over her last-ditch plans for Britain’s exit from the EU.

GBP was last traded at $1.2663, little changed on the day. GBP suffered its 14th straight day of losses Vs EUR Thursday, its longest losing streak on record. It stood at 0.8829 GBP to EUR.

Other major currencies were relatively calm. USD was holding at 109.59 JPY, flat on the day.

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

NYMEX Crude Oil »58.50 USD+0.59+1.01%Jun 192:36AM EDT
ICE Brent Crude »68.44 USD+0.68+0.99%May 192:36AM EDT
NYMEX RBOB Gasoline »1.92 USD+0.01+0.56%May 192:22AM EDT
Dubai Crude Spot »66.18 USD+0.53+0.80%Dec 022:46AM EDT
ICE Gas Oil »611.00 USD+3.50+0.57%Jun 192:37AM EDT
NYMEX No2 Heating Oil »1.97 USD+0.01+0.61%May 192:37AM EDT
NYMEX Nat Gas »2.58 USD+0.01+0.23%May 192:36AM EDT
ICE NBP Nat Gas »29.58 GBP-0.85-2.87%May 192:35AM EDT
Gold Spot »1,283.74USD+0.69+0.05%Dec 022:49AM EDT
COMEX 100oz Gold »1,284.80USD+0.000.00%May 197:01PM EDT
Silver Spot »14.55USD-0.04-0.24%Dec 022:49AM EDT
Platinum Spot »804.67USD+11.18+1.39%Dec 022:49AM EDT
Palladium Spot »1,324.35USD+13.85+1.05%Dec 022:49AM EDT
COMEX Copper »2.71USD+0.02+0.87%May 192:38AM EDT
CBOT Corn »390.75USC+1.00+0.26%Jul 192:42AM EDT
CBOT Wheat »468.00USC-2.25-0.48%Jul 192:44AM EDT
KCBT Wheat »423.00USC-2.25-0.53%Jul 192:29AM EDT
MGE Spring Wheat »535.00USC+0.75+0.14%Jul 192:38AM EDT
Euronext Milling Wheat »175.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»820.50USC-1.00-0.12%Jul 192:44AM EDT

Have a terrific weekend.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.