G20 Summit 21-22 November 2020 Saudi Arabia: What Can We Expect

G20 Summit 21-22 November 2020

This weekend, Saudi Arabia hosts the G20 Virtual Leaders’ Summit, replacing the physical meeting originally planned to take place in Riyadh.

The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. Spain is a permanent guest.

Held under the shadow of a raging pandemic, the summit which is usually an opportunity for one-on-one engagements between world leaders, is reduced to brief online sessions on pressing global issues – from climate change to growing inequality.

11 aid organisations are calling for early action to prevent soaring rates of hunger and malnutrition resulting from the pandemic-related global economic recession. In summary, they are asking the G20 leaders to lay the foundations for an economic recovery that focuses on employment and climate-friendly jobs, the rights of working people, universal social protection and fair taxation to ensure the profits made by a few in the pandemic are shared with the many.

The world has been badly hit by the COVID-19 pandemic for nearly a year, bringing an urgent need for global cooperation on virus containment as well as economic recovery. All eyes will be on the virtual summit to see whether new economic recovery foundations will be set or not.

Global Markets News

In other news, world financial markets stalled on Friday as news U.S. Treasury was ending emergency loans programmes dealt a blow to economic recovery hopes just as California announced curfews to try and fight surging coronavirus infections.

S&P500 futures slipped 0.5% while Dow futures fell 0.6%, cancelling out a firmer lead from a strong Wall Street session overnight.

The dollar was slightly weaker, and the 10-year Treasury yield slipped to the lowest in 10 days at 0.818%.

Eurostoxx futures started almost flat while London’s FTSE futures was up 0.25%

In Asia, Japan’s Nikkei stumbled 0.5% while Australian shares were flat. Chinese shares were little changed while South Korea’s KOSPI index was a shade firmer.

That left MSCI’s broadest index of Asia-Pacific shares excluding Japan up 0.3%. It is up 1.5% so far this week.

The leaders of France, Belgium and the Netherlands urged the European Union to step up preparations for a no-deal Brexit at the end of the year in case negotiations with the U.K. fail to yield a last-minute breakthrough. If one isn’t reached by year-end, businesses and consumers will face disruption and cost as tariffs and quotas return. In recent days, though, officials on both sides had privately voiced cautious optimism that a deal could be concluded as soon as next week, suggesting the comments by the two leaders may be an attempt to pressure the U.K. government to compromise.

Today’s High Impact Events

The times below are GMT+2.

Friday 20th November   

15.30 – Canada Core & Retail Sales m/m

Potential instruments to Trade: CAD Crosses.  

Saturday 21st & Sunday 22nd November 

Day 1 & 2 – G20 Virtual Meetings

These events have the potential to influence the markets which means there is plenty of trading opportunities. 

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