In addition to upcoming economic data and earnings, there are several political developments Wall Street is keeping a close eye on, such as the midterm elections continuing to be counted and President Biden meeting with Chinese President Xi Jinping.
Here are three things to watch in politics this week.
Biden, Xi Jinping move to ease US-China tensions
President Biden said on Monday that he wants to avoid a cold war with China after meeting with Chinese President Xi Jinping at the G20 summit in Indonesia. The meeting was the first time the two leaders have met in person since Biden became president.
“I absolutely believe there is no need for another Cold War,” Biden said at a press conference after the meeting. Compete responsibly. “
Biden told reporters that the US position on Taiwan’s strategic ambiguity has not changed and he does not expect an imminent invasion of the democratic island by China, according to the Associated Press. rice field.
A politically emboldened Biden after his party fell short of expectations in the midterm elections, Biden also raised human rights concerns with Xi Jinping, particularly over the treatment of Uyghur Muslims in China’s Xinjiang Uighur Autonomous Region.
Meanwhile, President Xi Jinping faces global scrutiny over continued COVID-19 lockdowns and budding geopolitical ties with Russia and Iran. According to the White House, Biden and Xi Jinping agreed that Russian President Vladimir Putin should not deploy nuclear weapons in Ukraine.
Democrats retain control of the Senate
Democrats hold Senate after Senators Catherine Cortez Mast (D-Nevada) and Mark Kelly (D-Arizona) are re-elected in Nevada and Arizona.
It’s unclear what will happen in the Georgia runoff election on December 6 between Democratic Senator Rafael Warnock and Republican Herschel Walker. Either way, Vice President Kamala Harris’ tie vote will keep Democrats in the Senate.
The Republican Party will likely have a narrow majority in the House, but the final election is still on the count. It undermined House Minority Leader Kevin McCarthy, who predicted a victory. It is unclear whether he will be able to secure his 218 votes needed to gain the presidency at the caucuses.
Independents decide midterm elections
The strategy that propelled Trump to the White House in 2016 won’t work in 2022.
Trump’s MAGA forces thought that stirring up the base would lead to a red wave. Instead, it rejected an independent segment deeply shaken about the country’s direction and even more shaken by a return to Trumpism.
A survey of midterm voters conducted by the Associated Press reported that Republicans had a 6-point advantage among voters, beating Democrats by 49% to 43%. In Pennsylvania alone, Republicans trailed her by 11 points in Arizona, while Republicans emerged more than five points behind her, according to The Wall Street Journal. But among independents, voters leaned left.
According to CNN exit polls, 49% of voters who identified as independents supported Democrats, while 47% supported Republicans. This contrasts with the past four midterm elections, when independents tended to vote Republicans over Democrats.
“A clear win for Team Normal,” Liz Cheney said at last week’s anti-Semitism conference.
President Trump’s 2022 interim results to be announced soon suggest that the path to the White House in 2024 will depend on either party’s ability to mobilize the middle class, rather than on their respective bases. There is
Kevin Cirilli is a Visiting Media Fellow of the Atlantic Council’s Global China Hub and Purdue’s Krach Institute for Tech Diplomacy.follow him LinkedIn.
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