“We have agreed to pursue a strategy of more balanced economic growth, a strategy where America saves more, spends less, reduces our long-term debt, and where China makes adjustments across a broad range of policies to rebalance its economy and spur domestic demand,” Obama said, speaking in Beijing during his first state visit to China.

The euro zone’s ECB released its monthly report for November; revising upwards economic growth for this year and 2010 from the previous predictions in August that inflation will rebound in the upcoming months, while assuring that current interest rates of 1.00% are appropriate.

The U.S. economy showed growth during the third quarter of this year, as massive government stimulus and aid to economic activity in addition to the recent improvement in economic activity supported economic growth, where it seems that the worst recession since the Great Depression in the 1930s is finally over.

Sales of previously owned U.S. homes jumped to a two-year high last month, according to data on Friday. The National Association of Realtors said sales of existing homes jumped 9.4 percent in September to an annual rate of 5.57 million units, the highest level since July 2007.

The major highlight for today in Europe is the minutes released by the Bank of England, since it determines how the vote was split regarding the central bank leaving interest rates steady since their last cut in March and how many members are with the APF program.

Bank of England Governor Mervyn King said Tuesday that the British economy will likely return to growth in the second half of this year, but warned that gains would be modest and that the path to a sustained recovery is far from clear.

The euro zone is scheduled to release its trade balance indicator. Expectations are for the trade surplus will narrow and this is most likely because of lower exports as a result of the weak demand and higher euro.

As widely expected the ECB held rates steady today at their historic record low of 1.0% while withholding their bond purchase program as is. Expectations were all for that same scenario, but all the attention was to the conference following this decision.

Most economists and analysts believe that Bank of England will hold the interest rate at its all-time low level of 0.5%. They also expect no change in the £175bn limit on new money pumped into the economy through the quantitative easing program.

Most of the economic data released so far on the U.S. is better than the market forecasts, demonstrating an improvement throughout most of the economic sectors and showing clearly that a recovery is taking place gradually.