G7 Summit
The G7 talks ended late Monday evening, with discussion from world leaders over issues ranging from economics and taxes to the environment and climate change. However, like previous encounters, events did not go directly according to plan. President Emmanuel Macron of France began the week by inviting a surprise visitor, Iranian Foreign Minister Mohammad Javad Zarif, to discuss diplomacy and financial loans at summit meetings. Zarif’s arrival came as a tremendous shock, following recent extreme tensions between Iran and the United States over diplomatic and economic issues. President Donald Trump again made headlines with his decision to not attend the discussion over global climate change. However, world leaders were able to agree on giving $22 million in aid in attempts to help curb the disastrous effects of the Amazon fire and prevent its spread. Yet, after a dispute between President Jair Bolsonaro of Brazil and Macron of France, it seems that Brazil will decline the $22 million but accept some aid from Britain.
Stock Market
The last 12 months have indicated continuous solid growth in the market, showing signs of a bull mentality. However, the past four weeks have shown a tremendous decline in financial confidence, with markets dropping over 400 points in the last week and over a thousand in the previous month. These developments are likely due to recent trade discussions between the United States and China, bringing skepticism to many investors over the economic future of the U.S. Economists predict that if the U.S. continues to place tariffs on Chinese goods, the U.S. economy will face financial repercussions, stunting the growth of both exporters and importers alike. Along with this, many analysts feel that the stock market has been overvalued for the previous six months, meaning prices are soon to drop. This thought has caused insiders to trade stocks at near-unprecedented rates, a preemptive move to ensure stockholders will not lose value on their holdings given they fall. The number of total shares sold is similar to that recorded in 2006, a year before the greatest financial collapse of the 20th century.
Developments in Democratic Primaries
Since Joe Biden’s 2020 announcement, he has been considered the front runner for the Democratic nomination for president. However, a new poll seems to indicate the possibility that this pattern may not hold true for much longer. Monmouth University, a high quality pollster as per FiveThirtyEight Pollster Ratings, released a new survey this week showing a near three-way tie between Biden, Bernie Sanders and Elizabeth Warren. According to the Monmouth poll, Biden has dropped nearly 19 percent in support since the start of June, while Sanders and Warren evenly gained a steady five percent. Biden still retains an approximate eight-point lead in the Real Clear Politics average of the six most recently released polls.