Market Recap – The curtain falls in Davos

An important livestream session from today’s Davos calendar is the Global Economic Outlook. The 60 minute discussion will be held between Steven Mnuchin, the US top trade negotiator and Secretary of the US Treasury, Chistine Lagarde, the ECB head, Haruhiko Kuroda, the BOJ head, Kristalina Georgieva, the IMF head and Olaf Scholz, the German finance minister.

On Sunday, the current coalition government in Italy will have to pass a health check. Italians are voting in the region Emilia e Romagna. Following Salvini’s failed attempt to cause new elections on August, the current coalition government of Giuseppe Conte is supported by the center-left Democratic Party and the Five Star Movement. The leader of the Five Star Movement has just stepped down.

Yesterday, the ECB’s press conference included no surprises. The market participants’ concession is that there will be no change throughout 2020 and the need for eight (8) press conferences in 2020 was directly questioned. The ECB’s strategic review is set to be concluded and ready to be communicated on December 2020.

Macro releases:  Today’s economic calendar includes the service and manufacturing PMI of Europe, UK and USA, as well as the Canadian retail sales.


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