G20・Before the US-China summit, Italy GDP announced! How will the budget look!? ~ Highlights and schedule for November 30 ~

◎ Today's Highlights

1) Month-end and Weekend Factors

Today is month-end, weekend, and the 50th day. Pay attention not only to the closing of the onshore market and FIX, but also to the closings of各 market closings as they approach.

2)G20 Summit and US-China Leaders Meeting

This weekend the G20 leaders will gather. Of particular note is the US-China leaders' meeting. President Trump plans to impose tariffs on China. Attention is on whether US-China relations will improve. Also, after the Ghosn shock, the leadership struggle between Nissan and Renault in Japan and France, the Turkey-Saudi Arabia relationship regarding the disappearance of the Saudi journalist, and the relationship between Turkey's President Erdogan and US President Trump—if these relationships improve, risks may retreat; conversely, new risks may arise. There is a possibility of market gaps at the start of the week, so be cautious about carrying positions.

3)Canada and Italy GDP

Today, unemployment rates, Euro area HICP, and GDP will be released in Canada and Europe. Of particular note are Canada and Italy's GDP. Canada has repeatedly raised rates, but future rate hikes depend on data. Crude oil prices are currently quite weak. We are watching how much GDP will come out and whether it will lead to further rate hikes.

Personally, the most attention is on Italy's GDP. There is a dispute between Europe and Italy over the budget. They are discussing the budget deficit as a percentage of GDP. However, if GDP appears lower in comparison, the budget cuts will be larger. Therefore, if today Italy's GDP underperforms, the Italian budget talks are likely to become even more contentious.

Italy vs. European Commission: Explaining the true intentions behind the budget

◎ Today's Event Schedule

11/30 (Friday)

G20 Summit

09:30 AUD Private Credit
10:00 CNY China Manufacturing PMI
16:45 EUR France HICP/Consumer Price Index
18:00 NOK Norway Unemployment Rate
19:00 EURItaly HICP/Consumer Price Index
19:00 EUREurozone Unemployment Rate/Consumer Price Index
19:00 EUR Merles ECB Executive Board member remarks
20:00 EURItaly GDP
21:45 EUR Core ECB Governing Council member remarks
22:30 CADCanada GDP
23:00 USDWilliams, President of the Federal Reserve Bank of New York, remarks

12/01 (Saturday)

G20 Summit
US-China Leaders Meeting

01:00 CAD Budget Balance
03:00 USDBaker Hughes Rig Count
18:00 CHF Jordan SNB President remarks