23rd September 2011
The leaders of the G20 have committed to taking all measures required to bring stability back to the global economy.
Members of the G20 group said they would work together to resolve the ongoing crisis in the eurozone, with members pledging to bolster the funds already committed to the region's European Financial Stability Facility rescue fund.
"We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required," the G20 group said in a statement after a dinner meeting yesterday (September 22nd).
This resulted in a lift for the euro in forex trading this morning and also softened stock losses in Asia.
Meanwhile, Bloomberg yesterday reported an announcement by the US Federal Reserve of a shift in its stance to tackling long-term risk had the effect of creating expectations of a fall in demand for raw materials.
This had the result of spooking markets, with falls in Standard & Poor's GSCI Index, copper prices, crude oil and a host of other commodities.
Posted by Andrew Johnston
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