U.K. Publishes Legislation That Breaches International Law

Mexico finance minister says 2021 growth forecast not based on vaccine

MEXICO CITY, Sept 9 (Reuters) – Mexico’s Finance Minister Arturo Herrera said on Wednesday that the government’s 2021 growth estimate of 4.6% is not over-optimistic, and does not depend on the development of a vaccine for the coronavirus.

The finance ministry on Tuesday delivered a budget proposal that would keep a lid on spending and forecasts only partial recovery for an economy hammered by the COVID-19 pandemic.

Respond, Adapt, Thrive: Jon Fortt leads future of work discussion with leaders from IBM, Mondelez & SHRM

Respond, Adapt, Thrive: Despite the disruptions and limitations, we've discovered new ways of working together, while apart. But how do we move past "good enough for now" to "the best we can do to thrive"? Engage with IBM's Diane Gherson, Mondelez's Paulette Alviti, and SHRM's Johnny Taylor on their experience, advice, and strategic outlook heading into the fall and beyond. Moderated by Jon Fortt.

Visit cnbcevents.com/work-livestream to learn more about upcoming events.

CNBC's @WORK live stream was sponsored by:

Workday

Coupa, SHRM, T-Mobile for Business, ZipRecruiter 

For more on tech, transformation and the future of work, join the most influential voices disrupting the next decade of work at the next CNBC @Work Summit this October.

Philippine Public’s Economic View at Bleakest in 11 Years: Poll

Two of five Philippine citizens see the nation’s economy worsening in the next 12 months, according to a survey showing the dimmest public outlook since 2009.

Public view on the economy fell to -9 in July from +38 in December, based on a mobile-phone survey by Social Weather Stations released Wednesday. That’s the lowest since the -19 in February 2009.

More consumers expect the economy to worsen compared to those seeing it improve or staying the same, according to the poll that surveyed 1,555 Filipinos nationwide.

Government forecasts the economy to shrink by as much as 6.6% this year after plunging into recession in the second quarter due to the pandemic. Economic output is seen rebounding and growing by 6.5%-7.5% next year.

Oil Futures Edge Higher

Crude oil prices are higher Wednesday morning, rebounding from losses in the previous session, ahead of weekly inventory data.

However, persisting worries about outlook for energy demand due to the surge in coronavirus cases, and concerns about excess supply in the market due to easing of production cuts by OPEC+, appear to be limiting oil’s upside.

West Texas Intermediate Crude oil futures for October are up $0.48 or 1.3% at $37.24 a barrel.

Brent crude futures are gaining $0.44 or about 1.1% at $40.22 a barrel.

Oil prices had tumbled nearly 8% on Tuesday amid rising worries about demand growth, and a stronger dollar.

Several countries, including India, the U.K., Spain and France have been reporting a surge in new coronavirus cases since the past weekend.

The American Petroleum Institute is scheduled to release its weekly oil report later today. The Energy Information Administration’s inventory data is due out at 10:30 am Wednesday.

Gold Futures Drifting Lower As Dollar Stays Firm

Gold prices are drifting lower Wednesday morning as the dollar extends its uptick, and U.S. stocks look set to rebound from recent heavy losses.

European stocks are broadly higher, due largely to bargain hunting after recent declines. Meanwhile, markets are looking ahead to European Central Bank’s monetary policy announcement, due on Thursday.

Gold futures for December are down $13.40 or 0.7% at $1,929.80 an ounce, coming off a high of $1,941.70 an ounce.

Silver futures for December are down $0.316 or 1.17% at $26.675 an ounce, while Copper futures are lower by $0.0065 or 0.22% at $3.0060 per pound.

Gold futures had moved higher on Tuesday on safe-haven appeal after global equities tumbled, hurt by another round of selling in U.S. technology stocks.

Rising tensions between the U.S. and China and surging coronavirus cases in several parts of Europe and in India raised concerns about growth and prompted investors to seek the yellow metal.

Trump Nominated for Peace Prize by Right-Wing Norwegian Lawmaker

U.S. President Donald Trump has been nominated for next year’s Nobel Peace Prize by a right-wing lawmaker in Norway’s anti-immigration party.

Christian Tybring-Gjedde of the Progress Party put forward Trump’s name, citing the peace deal brokered by the U.S. between Israel and the United Arab Emirates, in an interview with Fox News. It’s the second time Tybring-Gjedde has nominated Trump for the award.

The Norwegian Nobel Committee receives hundreds of nominations each year from lawmakers, members of governments and academics. Past nominees have included Russian President Vladimir Putin. For this year’s prize, there are 318 candidates, of which about two-thirds are individuals and the rest organizations.

Online betting service Ladbrokes described Trump as a “rank outsider” to win, giving him odds of 50/1, in an emailed statement.

The 2020 peace prize is due to be announced on Oct. 9.

U.K. Publishes Legislation That Breaches International Law

The U.K. Internal Market Bill sets out how trade in goods and services within the U.K. will happen after Britain leaves the European Union.

  • Legislation, published Wednesday, includes provisions that would allow ministers to over-ride parts of the Northern Ireland Protocol in the Brexit Withdrawal Agreement to ensure companies there have “unfettered access” to the U.K. internal market.
  • It would also allow the U.K. to over-ride EU state aid rules as they apply to Northern Ireland
  • Parts of the bill will “have effect notwithstanding inconsistency or incompatibility with international or other domestic law,” the bill says
  • The legislation also:
    • gives ministers power to provide financial assistance for economic development;
    • creates the Office of the Internal Market to support the smooth-running of trade within the U.K.