Global Perspectives: A Dour Start to the Year in Davos
Weekly commentary on international finance and economics including global events and how world issues affect our domestic issues.
A Dour Start to the Year in Davos
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Every year around this time, a slew of CEOs and high government officials descend on the Swiss town of Davos for the annual World Economic Forum. It is a big deal and always invites a lot of chatter and criticism regarding the wealth of the richest billionaires that attend.
Last year, the WEF almost sprained its collective arm patting itself on the back for doing such a great job with the global economy. Global equities had rallied and markets seemed really strong. Then trade tensions, political upheaval and finally, a sharp retreat for the stock markets, put a real damper on the mood as the event got started.
This year, several notable attendees are absent. President Trump and the entire U.S. delegation did not attend due to the government shutdown. It was just last year that Trump became the first U.S. president in years to even attend. The fact that he's not there this year means that a rumored meeting with senior Chinese officials — that might have been be a precursor to a breakthrough on trade — won't take place after all.
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