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Biden cancels the trade war with China

24 November 2020

At the beginning of the new week, the global growth of the Covid-19 slowed down slightly. Over the past day, the number of new cases of Covid-19 detected was 489 thousand against 582 thousand infected the day before. The death rate also decreased and amounted to 7.5 thousand cases compared to 9 thousand two days earlier.

We see that the growth of the 7-day morbidity trend has somewhat flattened, which may be due to the observed stabilization in the main European countries. However, according to the WHO, the rate of infection will not decrease in 2021. And it becomes quite natural that countries continue to impose restrictions.

The reaction to the quarantine measures had the opposite effect on people in Germany. On Sunday, a rally against quarantine measures was held in the streets of Berlin. The event has been approved and can be attended by up to 5 thousand people. At the same time, similar actions are taking place in other cities - Hamburg, Stuttgart, Cottbus. The number of participants there is significantly lower than in Berlin.

On Wednesday, a peaceful protest near the Brandenburg gate in the German capital turned into serious clashes with police. 365 people were detained, 77 guards were injured. Police used water cannons, demonstrators threw firecrackers and bottles in response, and tried to break through the cordon.

Despite the difficult epidemiological situation, the opening of the week in the capital markets is neutral. Trading in Asia began with the growth of major stock indices. So, the Shanghai composite index of the Shanghai stock exchange is growing by one percent. The spot price of gold is growing by two-tenths of a percent, and the average price of a barrel of oil is also showing an upward trend of half a percent.

We have a shortened trading week ahead of us as Americans prepare to celebrate Thanksgiving and so markets should be relatively calm on Thursday and Friday. Of the interesting events in the world of politics, it should be mentioned that Joe Biden, the newly elected US President, will return the country to the WHO, and also talks about ending the trade war with China.

At a press conference in Wilmington (Delaware) on Thursday, Biden was asked whether he is determined to resort to the measures mentioned above after taking office as President of the United States. According to Biden, the United States and its allies must agree on a common understanding of the rules that China must adhere to.



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