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market review 15 July 21

15 July 21

Gold Up, Just Below Four-Week High, Over Powell Dovish Stance

Gold was up on Thursday morning in Asia but slipped just below the four-week high hit in the previous session, as U.S. Federal Reserve Chair Jerome Powell signaled the central bank’s “powerful support” for economic recovery.
Gold futures edged up 0.15% to $1,827.75 by 1:03 AM ET (5:03 AM GMT), remaining above the $1,800 mark. The dollar, which usually moves inversely to gold, inched up on Thursday.
On day one of a two-day testimony before the House of Representatives Financial Services Committee on Wednesday, Powell said that monetary policy would remain accommodative. While insisting inflationary pressures were transitory, he added that the Fed expects to continue its bond-buying until there is “substantial further progress” in the job market, predicting that interest rates will likely remain near zero until at least 2023.

Oil Down, U.S. Gasoline Build and OPEC+ Dispute Resolution Brews Supply Trouble

Oil was down Thursday morning in Asia, with a recent rally fizzling, as a build in U.S. gasoline inventories and a potential Organization of the Petroleum Exporting Countries and allies (OPEC+) agreement to increase supply clouded the black liquid’s outlook.
Brent oil futures were down 0.68% to $74.25 by 1:38 AM ET (5:38 AM GMT) and WTI futures fell 0.74% to $72.59.
Tuesday’s U.S. crude oil supply data from the U.S. Energy Information Administration (EIA), showed a draw of 7.897 million barrels for the week to Jul. 9, an eighth consecutive week of draws. The draw was bigger than both the 4.359-million-barrel draw in forecasts prepared by and the 6.866-million-barrel draw recorded during the previous week.
EIA data also showed a 1.039-million-barrel build in gasoline inventories.
Crude oil supply data released by the American Petroleum Institute a day before showed a draw of 4.079 million barrels.

Asian shares gain as Fed, PBOC signal continued support

Asian shares advanced on Thursday as dovish comments by the U.S. Federal Reserve chief and fresh liquidity from China’s central bank propped up investor appetite, even as inflationary and growth risks hung over the outlook.
Separately, data from China showed its economic recovery losing steam, with second quarter growth slowing and missing expectations.
“On an annualised quarterly basis, which many developed countries use, China’s growth was about 5.3%, which is higher than other countries but not strong by China’s standards,” said Tomo Kinoshita, global strategist at Invesco Asset Management. “And we expect growth to slow in the second half of this year due to weakness in exports and investments.”
The Chinese data also showed retail sales, industrial output and fixed investment growth softening, though not as much as expected.

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