A Cooling Global Economy & New COVID Policies in China - Global Markets November Review
A month full of ups and downs is over. Let’s review the biggest market moving moments in November. Inflation has possibly reached its peak, with Powell announcing that interest rate hikes may decrease soon. Xi Jinping seemed to cling onto his zero COVID policy, causing massive dissent within the Chinese population. As of December, these measures are quietly being lifted. A new deal on gas between Germany and Qatar might help Europe to get independent of Russian gas, and a renewed license will allow Chevron to pump oil again in Venezuela. Agricultural commodities have been subject to a vast surge in price, not least because of the war in Ukraine. And, lastly, the British pound has made some gains since its low in September, mainly due to Truss leaving government and renewed trust, while other exchange rates are still dominantly being affected by central bank’s decisions to raise interest rates or keep them where they are.