INTERNATIONAL COMEX NEWS
- The kings of precious metals, gold and palladium, are both vying for world attention with major price milestones achieved on Friday from global growth fears and a Russian export ban, respectively. U.S. gold futures, as well as globally-traded bullion, moved above the key $1,300 perch after official suggestions of more downward pressure on China’s economy and weakening in U.S. employment trends and New York State manufacturing data.
- Forget China’s growth, for now — the U.S. might be a bigger problem as New York manufacturing data showed on Friday, casting more economic worries for oil. Both U.S. West Texas Intermediate crude and U.K. Brent oil dipped slightly after the Empire State Manufacturing Index slumped to a reading of 3.70 for March, its third consecutive monthly reading below 10 and the lowest since May 2017.
- The Trump administration is likely to open up portions of the Atlantic to oil and gas drilling despite opposition from East Coast states, a U.S. Interior Department official suggested in remarks at a recent energy industry conference, a recording of which was reviewed by Reuters. The comments come as the administration of President Donald Trump prepares to release a new five-year drilling plan proposal for federal waters that could vastly expand available acreage, part of its broader agenda to maximize U.S. oil, gas and coal production.
- Subsidies will be granted to lure talent from outside mainland China to support development of the Greater Bay Area, a project aimed at deepening integration between Hong Kong and southern Guangdong province, the Ministry of Finance’s tax bureau said on Saturday. The subsidies will be provided in nine cities in southern China to individuals from Hong Kong, Macao, and Taiwan and other parts of the world, according to a document released by the bureau.
- Brazil does not expect the U.S. government to announce support for its bid to join a club of the world’s advanced economies when its President Jair Bolsonaro visits Washington next week, a senior member of his economic team told Reuters on Friday. Brazil, the world’s eighth-largest economy, applied in 2017 to join the Organization for Economic Cooperation and Development (OECD), a forum of three dozen advanced economies that includes Mexico, Chile and Colombia.
- Turns out that billionaire investor Warren Buffett doesn’t love Modern Monetary Theory either. “I’m not a fan of MMT — not at all,” the Berkshire Hathaway Inc . chief executive officer said Friday in a telephone interview, adding that the deficit spending that’s part of the theory could risk “spiraling” inflation. “We don’t need to get into danger zones, and we don’t know precisely where they are.” Buffett joins critics including Federal Reserve Chairman Jerome Powell, former U.S. Treasury Secretary Larry Summers, Blackrock Inc .