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

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

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

Notes:

There was no single trigger for the overnight relief rally on Wall Street, though a Mastercard Inc report that sales during the US holiday shopping season rose the most in 6 years in Y 2018 helped allay concerns about the health of the US economy

There were attempts by the White House to temper its broadside against the Federal Reserve. Kevin Hassett, Chairman of the White House Council of Economic Advisers, said on Wednesday that Fed Chairman Jerome Powell’s job was not in jeopardy.

His comments came days after US President Trump described the Fed as the “only problem” in the US economy after the central bank last week raised rates for the 4th time this year, and retained plans for 2 more hikes in Y 2019.

In Asia

Gold: Gold’s price remained below a 6-month high marked during the previous session.

  • Spot gold edged higher to $1,269.70, but its gains were capped as investors ventured back into riskier assets.

Energy: Crude Oil fell a bit Thursday after rising 8% in the prior session, as worries over a glut in supply and concerns over a faltering global economy pressured prices even as a stock markets surge offered support.

  • ICE Brent Crude Oil futures were down 8c or 0.15%, at $54.39 bbl by 0237 GMT
  • NYMEX WTI Crude Oil futures fell 0.19% to $46.13 bbl.

Both Crude Oil benchmarks are down roughly 40% from highs marked in October.

Equities: Thursday, Asian shares rode a dramatic run North on Wall Street as markets, recently hammered, cheered upbeat US data and The Trump Administration’s effort to shore up investor confidence.

In a spectacular buying frenzy US stocks soared with the DJIA shooting up more than 1,000 pts for the 1st time in market history Wednesday.

That helped push MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.8% and off of 8-week lows.

Japan’s Nikkei managed to pull out of Bear market territory it had entered on Tuesday, spiking 3.8%.

Australian shares rose 1.6% as trading resumed after the Christmas break, while Chinese blue chips gained 0.6%.

Currencies: The move to riskier assets provided support to USD, which rose nearly 1% Vs JPY to 111.41 overnight – its largest single-day gainer s the safe-haven Japanese currency since late April.

The USD gave up some of those overnight gains Thursday, and was last off 0.4% at 110.95 Japanese Yen.

The Buck was also on its back foot Vs EUR and GBP losing about 0.2% against both currencies, to $1.1382 and $1.2658, respectively.

Against a basket of peer currencies, .DXY was down 0.2% at 96.840.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »46.16 USD-0.06-0.13%Jan 1911:39PM EST
ICE Brent Crude »54.32 USD-0.15-0.28%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.33 USD+0.00+0.20%Dec 1811:39PM EST
Dubai Crude Spot »52.96 USD-0.25-0.47%Dec 0211:49PM EST
ICE Gas Oil »512.75 USD+8.50+1.66%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.74 USD+0.00+0.08%Dec 189:41PM EST
NYMEX Nat Gas »3.56 USD+0.01+0.42%Dec 1811:33PM EST
ICE NBP Nat Gas »67.34 GBP+0.000.00%Dec 187:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,268.61USD+1.71+0.13%Dec 027:00PM EST
COMEX 100oz Gold »1,269.20USD+0.000.00%Dec 1810:20AM EST
Silver Spot »15.04USD+0.01+0.08%Dec 027:00PM EST
Platinum Spot »797.50USD+2.90+0.36%Dec 027:00PM EST
Palladium Spot »1,267.49USD+12.79+1.01%Dec 027:00PM EST
COMEX Copper »2.71USD+0.000.00%Dec 1811:38AM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »374.75USC+1.50+0.40%Mar 1912:19AM EST
CBOT Wheat »512.50USC+2.50+0.49%Mar 1912:14AM EST
KCBT Wheat »498.00USC+2.50+0.50%Mar 1912:09AM EST
MGE Spring Wheat »551.25USC+2.00+0.36%Mar 1912:04AM EST
Euronext Milling Wheat »205.00EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean»874.25USC+4.25+0.49%Jan 1912:16AM EST

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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