The G20 summit in Riyadh, Saudi Arabia will take place this weekend. A synchronized response to the coronavirus outbreak is high on the agenda, as BOJ Governor Kuroda stated. Market participants could potentially pick up on the decisions/communique/information from this G20 summit and put the breaks to the risk-off mode, that prevails since this year’s WEF in Davos.
Iranians are heading to the polls today. The magnitude of Ayatollah Ali Khamenei’s strength, remains to be seen . The anti-government protests, that were stalled when General Qasem Soleimani was killed but were re-ignited when the public understood that the Iranian forces downed a passenger Ukrainian plane outside Tehran, could decrease his strength.
EU leaders are far from reaching an agreement for the European Budget. Ireland’s Members of Parliament are far from electing a new Irish Prime Minister.
Macro releases: Yesterday’s US crude oil inventory dropped. This is a positive first sign that the oil market is reaching a new equilibrium that responds to the recent demand shock from China. Today’s economic calendar includes the German, French, European, UK’s and USA’s manufacturing PMI readings. Lower numbers are expected on all fronts.
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