Nov 20, 2020

Before we start trading forex at the beginning of the week, we must check out the latest news around the financial in order to make sure that we know where the market is heading.

Recovery under threat

The IMF and the G-20 Group warn that a recovery from this year's recession is at risk and could be derailed as Covid-19's resurgence forces new restrictions on households and public. ty. The IMF noted vaccine progress, but also said soaring asset prices led to a loss of connection with the real economy and a potential threat to financial stability.

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The G-20 said ahead of the online summit hosted by Saudi Arabia this weekend: “The recovery is uneven, uncertain and there are many downside risks, including those arising from new virus outbreak in some economies”. According to Oxford Economics, among the major economies that have been hit hardest is India. Meanwhile, even outdoor exercise is banned in one of the world's toughest blockade zones in Australia.

A quiet market

Asian stocks look set to open silently on Friday after technology stocks lead US stock benchmarks. Futures markets show modest gains in Japan, Australia and Hong Kong. US stimulus measures are likely to return to investor attention following a clash between Treasury Secretary Steven Mnuchin and the Federal Reserve over emergency lending facilities. level. The S&P 500 index closed Thursday with a gain, but was weaker than the Nasdaq 100 index. Treasury yields and the dollar fell, while the Turkish lira strengthened after governor The country's new central bank raised the benchmark rate.

No cooperation

President-elect Joe Biden has criticized the Trump administration's lack of cooperation in the transition to power, which he thinks is hindering his team's ability to receive pandemic updates. coronavirus. Referring to Mr. Trump's legal moves to reverse the election results, Mr. Biden said: "What he's doing is outrageous." Separately, on Thursday, Mr. Biden said he had chosen a Finance Minister, promising to announce it next week or next week. Those considered include current Fed governor Lael Brainard, former Fed governor Roger Ferguson and former Fed Chairman Janet Yellen.

Harsh moves

A strong advocate of the Chinese government reform living in the US says some banks have frozen his accounts back home, another sign that Beijing is intensifying pressure on the unjust. dissent in foreign countries. This action left Deng Yuwen, a former editor of the Communist Party-run Study Times magazine, out of reach about 300,000 yuan ($46,000), an amount he described as savings of his whole life. In September, China frankly jailed real estate tycoon Ren Zhiqiang 18 years for stealing property, months after he was linked to an article critical of Xi's handling of the coronavirus. And earlier this week, a Beijing-backed newspaper in Hong Kong reported that China was preparing a global watchlist of independent supporters for Taiwan.

The drama of hydrogen fuel cells

Elon Musk scoffed at the idea of using hydrogen fuel cells to power next-generation green vehicles ("Fuel cells = fool sells"), but China is promoting it. Beijing offers to reward cities for achieving the adoption targets under their 15-year plans for new energy vehicles.

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According to an energy-efficient vehicle development plan, the target of 1 million fuel cell vehicles will be set by 2030. Kevin Jianjun Tu, French consultant, Ifri, wrote: expectations will play a much more important role in significantly reducing the country's greenhouse gas emissions.