Chile cancels APEC summit

Chilean President Sebastian Piñera has decided to cancel the APEC summit on November 16-17 and the UN climate conference.

• Piñera justified this with protests in the country and common sense: "the president is obliged to put his people above all else." Now the main thing is "to restore public order, the security of citizens and society as a whole, and also to create a basis for responding to the main demands of the Chileans."
• The reason for the protests was a slight increase in the cost of travel in the Santiago metro, but their underlying reasons are completely different .
• The APEC summit was supposed to meet US leaders Donald Trump and China's Xi Jinping. It was expected to formalize the "first phase" of the trade agreement, which should put an end to the trade war between the countries.
• The markets reacted poorly to the increased uncertainty about further trade relations between the world's largest economies. The Dow Jones and DAX indexes fell, the Chilean peso lost 1.6% against the dollar.
• The White House later said it expected to "complete the first phase of the historic trade deal with China within the same time frame."