Good morning and welcome to our continuous coverage of the global economy, the financial markets, the eurozone and business.
Luxury dinner for two, in an exclusive setting in Buenos Aires? It sounds lovely, especially when the bill should not be a problem.
But this particular date on Saturday night will have a difference: when Donald Trump and Xi Jinping sit down in a few days, they will have the opportunity to kiss, recover and calm the trade war that worries the world economy.
Larry KudlowThe director of the Trump National Economic Council revealed last night that Trump and Xi will meet for a formal dinner at the G20 meeting this weekend.
Kudlow told reporters that the two presidents could "turn a new page" into their bilateral economic relationship … but only if Xi makes concessions in trade policy.
"President Xi has the opportunity to change the tone and content of these conversations.
This is a great opportunity. President Trump has indicated that it is open. Now we have to know if President Xi is open. "
This is their only meeting scheduled before January, when it is expected that EE. UU Increase your tariffs on Chinese imports of 200,000 million dollars, from 10% to 25%. So it really matters.
Trump had raised bets on Tuesday by floating the idea of imposing tariffs on almost all sales of Chinese products to the United States. This trade war could easily get much worse …
However, investors expect China to give ground on issues such as intellectual property transfers.
We will meet later today if Trump's tariffs are affecting the US trade gap, when the latest import and export figures are published.
It also comes today
The president of the federal reserve, Jerome Powell, will give a speech this afternoon. Wall Street will be on the lookout for signs that Trump's criticism of the Fed's interest rate policies has had some effect.
The Bank of England will publish the results of its annual stress tests to the largest lenders in Britain this afternoon. They will show if UK banks can cope with an economic shock or recession.
Stress tests are likely to be overshadowed by the Bank's analysis of Britain's Brexit withdrawal agreement, also published at 4.30 pm, and probably warned against a scenario without an agreement.
- 13:30 BST: US trade figures for October
- 13:30 BST: Second estimate of US GDP UU For the third quarter of 2018
- 4:30 pm: the Bank of England publishes the stress tests of the banks in 2018 and the Brexit analysis without agreement
- 5pm: Fed President Jerome Powell gives a speech