The Day at a Glance | November 14 2022

*Joe Biden and Xi Jinping met in Bali, Indonesia, in the G-20 Summit.

*We will not stop interest rate increases, we need to see inflation approach our target level: Christopher Waller, member of the FED.

*China announced its plans to rescue the real-estate sector through improved liquidity and easier conditions for buyers.

*OPEC+ cut its crude oil demand forecasts in 2022.

*Industrial production in Europe increased more than expected during September (0.9%monthly; 4.9% annual).

*Japan`s 3Q22 GDP will be made known this afternoon (1.1%e.); in China, October`s growth figures will be made public (retail sales, industrial production and fixed investment).

Economic environment

G-20. The United States and China`s Presidents, Joe Biden and Xi Jinping, met in Bali, Indonesia, during the G-20 Summit. This is the first time both leaders met since the pandemic. The meeting lasted about three and a half hours. Before the press, both Presidents had a conciliatory tone and showed willingness to solve their differences. Biden assured that both countries should smooth things over, prevent competition between both countries from leading to a conflict and build roads together in light of challenges that are being faced at a global level – such as climate change or food security; all through cooperation. “The United States stands ready to do just that, work with you – if that`s what you desire.” Biden said to Xi. Xi acknowledged that it`s necessary to find a better way for both countries to work with one another; to lead their countries but also achieve harmony with other nations and cooperate in order to overcome challenges. The conciliatory tone is good news as tensions have increased between both countries in recent years. The trade war, competition in key industries at a global level, the war in Ukraine, accusations of violating human rights and tensions in Taiwan have affected the bilateral relationship and created a hostile environment that clouds the cooperation outlook between the countries. However, the recent meeting has helped ease tensions and make way to try to find an understanding between each country`s priorities.