G20 summits are usually a very big deal. The most influential and the most powerful gather together in one room to discuss matters and troubles at hand with one another. And this year the summit was awaited extremely hard. A lot of stuff was supposed to happen and the fact that it didn’t happen over the working days where trading could be affected by the summit immediately really helped us to step back and analyze what it happened during these several days.

Here are the countries-participants of the summit:

• Argentina

• Brazil

• China

• Germany

• Indonesia

• Japan

• Australia

• Canada

• France

• India

• Italy

• Mexico

• Republic of Korea

• Russia

• Turkey

• USA

• Republic of South Africa

• Saudi Arabia

• UK

• European Union

World leaders taking part in the summit:

• Japanese Prime Minister Shinzo Abe

• Chinese President Xi Jinping

• Russian President Vladimir Putin

• USA President Donald Trump

• Indian Prime Minister Narendra Modi

• French President Emmanuel Macron

• German Chancellor Angela Merkel

• British Prime Minister Theresa May

• Saudi Crown Prince Mohammed Bil Salman

• Canadian Prime Minister Justin Trudeau

And so, what did happen?

Well, we as traders were waiting for one thing only – talks between Donald Trump and Xi Jinping. It is safe to say that USA have been disrupting our trading by imposing more and more trade tariffs on various world countries but Chinese tariffs were and remain the hardest ones to swallow. We have been watching the drama surrounding economic and political relationship of USA and China for more than a year and of course the leaders of the sides of the conflict sitting down and talking things over could certainly help the matters.

Right now it is not clear whether we have been freed from the trade war completely but we really want to believe that the matter has moved from the dead point. After all world community waiting and watching has got to put some pressure on the sides of the conflict. And according to Trump USA are coming out from the war as winners. Not a bad turn of events, right? Well, for USD it isn’t.

Another important point also involved Trump [not surprising as he is the leader of the most powerful country in the world]. It is the meeting of Trump and Vladimir Putin. Why is that important given the international status of Russia these days? Well, two weeks ago Russia was welcomed back to the PACE [Parliamentary Assembly of the Council of Europe] which is a violation of the main rules of the Assembly. You see, in order to come back Russia was to fulfil several conditions – let go of Ukrainian seamen who were captured last year unlawfully, give Crimea back to Ukraine and take its troops away from the Eastern part of Ukraine. Basically it was to seize all of the military activity against Ukraine and admit its own guilt. And only after that was it to come back to the civilized world.

But of course none of that was done and welcoming Russia back is a clear signal – the world is ready to tolerate Russian behavior as it is. And Trump’s behavior over the course of the meeting was just another proof of that. Some have already called is a blow to American democracy. What did it mean in reality? Who knows. All we know is that Russian gas- and oil-driven economy now has all the possibilities to become attractive for international traders once again.

Oil was another crucial point for discussion over the weekend. And it is gaining price as oil producing countries agreed to extend OPEC+ list of participants, although the situation in the crude market can changes with OPEC meeting taking place today so it is better not to rely on positive effect of the summit and focus on current events surrounding the crude market.

Economic rise of the East is a very big concern for the Western countries right now. The pushing and chasing can really wear the old world out and give more growing opportunities for the Eastern economies. Of course these questions are not really discussed face-to-face. At least not officially. But right now we are witnessing the world that is changing. East and West have always been battling, but now we are going into a new era of the battle.

The summit is all what everyone is talking about, so it is better to watch out for turbulence in the markets today and for the whole week.