COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- This week precious metals traders will be monitoring trade talks for signs of a resolution in the U.S.-China trade dispute, while concerns over the economic impact of the U.S. government shutdown and uncertainty over Brexit will also remain in focus. While the ongoing government shutdown continues to delay some key U.S. economic reports, investors will get an update on U.S. existing home sales and jobless claims this week and U.S. markets are to remain closed for a long holiday weekend on Monday.
- A blast at a gasoline pipeline in Mexico that killed at least 79 people has directed renewed scrutiny toward the new president’s ambitious strategy to stop fuel theft, his first major offensive to stamp out corruption and organized crime. Some relatives of the victims said fuel shortages stemming from President Andres Manuel Lopez Obrador’s plan led people to fill plastic containers with gasoline on Friday at a leak in the Tula-Tuxpan pipeline, a few miles (km) from a major refinery.
- Oil prices dipped on Monday as China reported its weakest annual economic growth in 28 years, although oil prices remain relatively well supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). International Brent crude oil futures (LCOc1) were at $62.57 per barrel at 0215 GMT, down 13 cents, or 0.2 percent, from their last close.
- China’s economic growth cooled slightly in the fourth quarter from a year earlier as expected, weighed down by weak investment and faltering consumer confidence as Washington piled on trade pressure, leaving 2018 growth the weakest in 28 years. Signs of further cooling in China — which has generated nearly a third of global growth in recent years — are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple (NASDAQ:AAPL) to big car makers.
- Tax systems that put a high burden on the poor mean public services are underfunded, stretching the gap between rich and poor and fuelling global public anger, Winnie Byanyima, executive director of Oxfam International, said on Monday. The Nairobi-headquarted charity said in a report that a new billionaire was created every two days last year, just as the poorest half of the world’s population saw their wealth decline by 11 percent.
- Analysts have trimmed forecasts for Australian economic growth following some disappointing numbers last year, but still tip solid outcomes ahead even in the face of falling house prices and a slowdown in China. Economists polled by Reuters forecast Australia’s A$1.87 trillion ($1.34 trillion) of annual gross domestic product (GDP) expanded by 3.0 percent in 2018, down from 3.2 percent in an October poll.