Finance ministers and central bank governors from the world’s leading economies have gathered in Shanghai to discuss a response to the darkening global economic landscape. Among the many issues facing them is the plunge in commodity prices, market volatility, exchange rates and the slowdown of China’s economy. G20 participants will try to agree on a communique by Saturday, setting out their policy responses before they depart home. Are the stimulus bells ringing?
Economy
Two national elections are also on the radar: Voting is underway in Ireland, with locals heading to the polls to elect 157 new members of parliament as a stellar recovery hangs in the balance. Iranians are also hitting the ballot boxes in the country’s first elections since last summer’s landmark nuclear accord. As part of a wider parliamentary election, voters will further decide on representatives for the Experts Assembly, a clerical body that appoints the supreme leader.
International talks to resolve the Syria crisis may restart in Geneva on March 7, after the United Nations suspended discussions earlier this month, urging countries involved in the meetings to do more preparatory work. The news comes after U.S. Secretary of State John Kerry told a Senate foreign relations committee it “may be too late” to keep Syria whole and suggested that Washington would support a partition plan if a ceasefire deal was unsuccessful.
The U.S. Commerce Department is set to announce its revised estimate of fourth-quarter gross domestic product at 8:30 a.m. ET. The government’s initial figure showed growth of 0.7%, but that will likely be adjusted down to a 0.4% annual rate, as a result of lower inventory accumulation and weaker readings for both residential and non-residential investment. The report will also likely reveal that consumer spending rose by 0.3% in January after being flat in December, and display an uptick in inflation pressures
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