Right now the news is dominated by the G20 summit beginning in Osaka, Japan. Since the leaders of the 20 leading economies in the world are gathered there, this type of meetings always enjoy a lot of media attention. This time, however, the spotlight has been stolen by Donald Trump and Xi Jinping, who will be meeting privately to talk about putting an end to their trade war.
There will also be an interesting meeting between Russian President Vladimir Putin and the Crown Prince of Saudi Arabian, Mohammed Bin Salman. Saudi Arabia has been leading the OPEC effort to keep oil volumes low in order to boost prices and Russia, though not an OPEC member, willingly agreed to join them; however, in the past few months Russian representatives have stated that they want to bump up their production levels, causing some internal issues for OPEC.
Earlier today the eurozone consumer price index came in at 1.1%, better than the expected 1.0%, which shows the European economy is not doing as bad as investors feared. This comes after yesterday’s CPI from Germany also surpassed investors’ expectations at 1.6% against the forecasted 1.4%. If the data continues coming in positive, the euro will strengthen.
