In Asia: Gold Up, USD Off, Stocks Up + Commodities

In Asia: Gold Up, USD Off, Stocks Up + Commodities


Notes: Selling pressure on US equities is beginning to fade, but the VIX is still around 29 with investor risk sentiment still recovering.

The CBOE Volatility Index rose mid-week to 36, its highest mark since early February. It has since pulled back to 29, still above a recent low of 15 at the beginning of December.

Focus turned to the Fed’s stance and whether the equity markets can sustain their recovery at the start of the New Year.

In Asia

Gold: Spot gold, which has benefited this week from the global market turmoil was slightly higher at $1,278.71 oz following an ascent to a 6-month high of $1,279.06 Wednesday.

Energy: Crude Oil prices are choppy, with US futures +2.2% at $45.60 bbl after falling 3.5% the prior day.

  • NYMEX WTI Crude Oil rallied 8% mid-week after dropping to a 1.5 year low of $42.36 at the week’s start.

Crude Oil has lost nearly 40% of its value since the beginning of October and is heading for declines of more than 20% in Y 2018.

In addition to oversupply concerns, worries about slowing global economic growth have dampened investor demand for riskier asset classes and pressured Crude Oil prices.

  • ICE Brent Crude Oil climbed 1.8% to $53.11 bbl after losing more than 4% the prior day.

Equities: Asia stocks advanced Friday after Wall Street ended volatile trade in positive territory, adding to Wednesday’s big gainer, lingering investor caution helped support safe-haven currencies such as JPY.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8%.
Japan’s Nikkei slipped 0.3%, losing some steam after surging nearly 4% Thursday.

The Shanghai Composite Index moved up 0.35%.

Australian stocks added 1% and South Korea’s KOSPI climbed 0.5%. J

Currencies: The USD extended overnight losses and was down 0.3% at 110.64 JPY. It is on track to lose more than 2% MTD.

The Buck declined 0.3% to 0.9851 Swiss francs per USD after slumping more than 0.8% the prior day. The USD has fallen 1.1% Vs its Swiss peer on the month.

The EUR was higher at $1.1450 after gaining 0.7% overnight. The single currency was headed for a 1% gainer in December.

Commodities: Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »45.73 USD+1.12+2.45%Jan 192:20AM EST
ICE Brent Crude »53.27 USD+1.11+2.08%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.33 USD+0.02+1.63%Dec 181:25AM EST
Dubai Crude Spot »52.34 USD+0.24+0.46%Dec 022:31AM EST
ICE Gas Oil »502.00 USD-2.50-0.50%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.69 USD+0.02+0.96%Dec 181:39AM EST
NYMEX Nat Gas »3.49 USD-0.05-1.58%Jan 192:20AM EST
ICE NBP Nat Gas »64.36 GBP+0.000.00%Dec 187:00PM EST
Gold Spot »1,280.68USD+5.55+0.43%Dec 027:00PM EST
COMEX 100oz Gold »1,280.10USD+2.70+0.21%Jan 192:13AM EST
Silver Spot »15.32USD+0.12+0.75%Dec 027:00PM EST
Platinum Spot »795.69USD-0.31-0.04%Dec 027:00PM EST
Palladium Spot »1,265.71USD-9.29-0.73%Dec 027:00PM EST
COMEX Copper »2.69USD+0.02+0.85%Jan 1911:41PM EST
CBOT Corn »375.50USC+1.00+0.27%Mar 192:22AM EST
CBOT Wheat »511.75USC+1.25+0.24%Mar 192:24AM EST
KCBT Wheat »496.50USC+1.50+0.30%Mar 192:21AM EST
MGE Spring Wheat »556.25USC+4.00+0.72%Mar 192:08AM EST
Euronext Milling Wheat »203.25EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »872.00USC+3.00+0.34%Jan 192:25AM EST
CBOT Soybean Oil »27.43USC+0.12+0.44%Jan 192:22AM EST

Have a terrific weekend

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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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