COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- The United States is getting “very, very close” to having to move forward on its trade deal with Mexico without Canada, White House economic adviser Kevin Hassett said on Friday. There is just over a week to go before a U.S.-imposed Oct. 1 deadline to publish the text of a deal to update the North American Free Trade Agreement, and the United States and Canada have still not agreed on terms, Hassett told Fox News Channel.
- WTI crude oil prices settled higher Friday, as traders cheered signs of tightening U.S. output, though sentiment was soured by a report suggesting major oil producers were ready to discuss plans to ramp up output. On the New York Mercantile Exchange, crude futures for October delivery rose 46 cents to settle at $70.78 a barrel, while on London’s Intercontinental Exchange, Brent gained 0.09% to trade at $78.77 a barrel.
- Metal prices were in rally mode Friday as copper hit 12-week highs, shrugging off a strong dollar on easing trade war fears, though analysts warned downside momentum could resume. The United States and China, earlier this week, announced tariffs at a lower rate than many had feared, helping lift sentiment on trade, easing fears escalating trade tensions would dent China’s appetite for metals.
- China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources. The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned. Earlier this week, China added $60 billion of U.S. products to its import tariff list as it retaliated against U.S. duties on $200 billion of Chinese goods set to go into effect from Sept. 24.
- U.S. Treasury official Adam Lerrick has been tapped by the Trump administration to serve as the country’s acting executive director at the International Monetary Fund, the Financial Times reported on Friday, citing a source. Lerrick, who is a counselor for international affairs, will be temporarily appointed U.S. executive director at the IMF while the administration awaits the Senate confirmation of investment banker Mark Rosen to the role, the report said.
- Newly appointed Zimbabwean Finance Minister Mthuli Ncube would like to employ a “big bang” economic reform program to the battered economy where unemployment is running above 80 percent, but recognizes politics will limit the speed for change. “My preference is a fiscal shock, but there is a what you call the political collar or the politics of policy making which then slows you down. My preference would be more of a big bang approach because every day counts in terms of cost,” Ncube, a former banker, said in a briefing with journalists on the sidelines of an investor conference in New York on Friday.
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