The Fed may act soon… San Francisco Fed President Daly expressed concern about low inflation in the United States and said the next few weeks will be crucial in determining whether monetary easing is warranted.

…And the Bank of Japan will likely do the same. BoJ governors also question the need to adjust monetary policy to deal with the adverse effects of the trade dispute, boost growth and avoid a return to deflation.

Italy is counting on the G20 to save its skin. Italian Prime Minister Giuseppe Conte would like to take advantage of the G20 Summit to reach a compromise with his European counterparts in order to avoid an excessive debt procedure.

The United States is blowing hot and cold. On Saturday, Donald Trump and Xi Jinping will meet on the sidelines of the G20 Summit in Osaka. The scenario favored by investors is a kind of compromise on a postponement of new US surcharges, if Washington believes that Beijing is making sufficient efforts. The American president nevertheless threw fuel on the fire by specifying that he would still impose additional taxes on the 300 billion dollars of Chinese products, but reduced his threat to 10%, against 25% previously.

Brexit is expensive. According to an EY study cited by the Financial Times, British banks have spent nearly £4 billion since the Brexit vote on employee and capital transfers to the EU. Legal advice, relocations, contingency provisions, creation of head offices outside the United Kingdom, expenses are accumulating.

In other news. Yesterday Trump addressed, with a certain virulence, various subjects such as the Fed, Iran and China in an interview with Fox News. The (final) results of the American banks' stress tests will be published today.