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G20 Communiqué Represents Wake Up Call to Investors -- Market Talk

19 Mar 2017 7:39 pm

1939 GMT [Dow Jones] The G20 communiqué over the weekend left no doubt that trade policy is shifting, says Australia and New Zealand Banking Group. The communiqué included a commitment to work toward strengthening the contribution of trade to economies, while prior language to avoid all forms of protectionism was omitted. "You can debate what the former means (though it has been labelled a 'fudge'), with free trade replaced by the U.S.'s pursuit of fair and balanced trade," ANZ says. "But deleting the latter is blunt and obvious; anything is now possible as the rule-book gets re-written." This should serve as a wake-up call to investors, ANZ says. A streamlined global supply chain and the lowering of barriers has been a key driver of productivity growth and earnings. "You can't have the antithesis and expect the productivity and earnings story not to be dented," ANZ says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 19, 2017 15:39 ET (19:39 GMT)

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