The Day at a Glance | November 8 2022

El Día en Minutos
8 noviembre, 2022, 2 años ago
410

*Election Day in the United States; Biden acknowledges it will be difficult for Democrats to keep majority in the House of Representatives and the Senate.

*Siefores purchase Mexican debt from foreigners: IMF.

*Germany plans to double its debt to 45 billion euros in 2023 to face the energy crisis.

*Retail sales in Europe decreased in September (-0.6% m/m).

*Chinese regulators widen liquidity program for real-estate developers to 250 billion Yuan.

*COP27: Emerging country leaders call on rich nations to pay for climate change.

*New COVID-19 outbreaks in China (Guanzhou).

*Inflationary figures will be made known in China tonight (2.4%e.).

Economic environment

Election Day in the United States. Today, US voters will decide who will control Congress starting in 2023. There is a high probability that the economy´s current conditions – high inflation, most importantly – will make Democrats lose the House of Representatives. In statements made to the press, President Joe Biden acknowledged that it will be difficult for Democrats to maintain control of the House of Representatives, although he is more optimistic about keeping majority in the Senate. “I think it´s going to be tough, but I think we can. I think we´ll win the Senate. I think the House is tougher,” Biden told reporters. According to a statistical survey carried out by FiveThirtyEight, the fight for the Senate is very close and any outcome is possible. Nevada, Georgia and Pennsylvania are the key states. Markets will focus on the results, as they expect a Republican win to halt increasing taxes and lead to more moderate public spending plans. Lastly, the electoral battle has been an unbeatable stage for ex-President Trump´s reappearance, who has backed various Republican candidates during his campaign and is starting to gain strength among Republican voters. Trump asserted that he will give another important announcement concerning his Mar-a-Lago residence on November 15^th, which could be a formal announcement of his 2024 Presidential candidacy.