The rout in gold and silver showed signs of easing, while Asian stocks slid after a listless performance on Wall Street. Gold dropped 0.3% after losing as much as 2.9% in early Asian trade, after suffering its biggest intraday decline in more than a dozen years on Tuesday. Silver edged higher following its 7.1% drop in the prior session.
A gauge of Asian equities shed 0.5%. The weakness across the region’s stock markets partially stemmed from selling in precious-metal shares from Australia to Indonesia and China. The declines came after the S&P 500 Index closed little changed Tuesday. The dollar and Treasuries were mostly steady, while the yen strengthened a touch. The heightened focus on precious metals follows a rapid rally earlier this year that was fueled by central banks-led buying and worries about fiscal woes in developed countries. The slumps also came after technical indicators showed the recent scorching rallies were likely overstretched. Despite recent de-risking amid concerns over trade and credit, stock exposure among global macro hedge funds and long-only strategies remains at the highest in over a year, according to Barclays Plc. While the US government shutdown has caused an economic data vacuum, drawdowns in equities have been short-lived as investors see them as opportunities to add risk to their portfolios. The closure has also left commodity traders without one of their most valuable tools: a weekly report from the Commodity Futures Trading Commission that indicates how hedge funds and other money managers are positioned in US gold and silver futures. The ongoing US government shutdown is on the cusp of becoming the second-longest on record. The shutdown has delayed the publication of official data, including September’s inflation figures which the government plans to release on Friday. Trade tensions remain in focus, after Donald Trump predicted an upcoming meeting with his Chinese counterpart, Xi Jinping, would yield a “good deal” on trade. However, the US president also conceded that the highly anticipated talks may not happen. Oil rose after an industry report signaled US crude inventories dropped for the first time in four weeks, while Trump reiterated India would trim its purchases of Russian energy Elsewhere, Japanese Prime Minister Sanae Takaichi has ordered a fresh package of economic measures aimed at easing the burden of inflation on households and companies. Meanwhile, the country’s exports rose for the first time in five months as shipments of chips and electronic parts advanced, while goods destined for the US continued to decline. In the credit world, Indonesia is planning its first offshore yuan denominated bond sale, adding to a rush of offerings that have pushed dim sum bond issuance to a record high so far this year. US After Hours MANH -8.9%, TXN -8.1%, NFLX -6.4% lower on earnings; ISRG +18.2%, PEGA +13.1%, VICR +13%, COF +4.1% higher on earnings.
Nikkei +0.02% Hang Seng -1.27% CSI -0.70% Shanghai -0.44% Shenzen -0.54%
Eur$ 1.1606 CNH 7.1271 CNY 7.1236 JPY 151.80 GBP 1.3376 CHF 0.7960 RUB 81.3997 TRY 41.9697 WTI$ 58.22 +1.71% Gold 4,128 +0.11% BTC 108,457 -2.08% ETH 3,870 -2.10%
S&P +0.13% Nasdaq +0.05% EuroStoxx -0.43% FTSE -0.07% Dax -0.22% SMI -0.16%
Macro :
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- Lone Pine Launches New Fund to Combat Market Volatility: FT
- Trump Says Doesn’t Want ‘Wasted’ Ukraine Meeting With Putin
Keep an eye on :
Keep an eye on :
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