G20: trade policy is shifting - ANZ

Analysts at ANZ explained the G20 communique over the weekend suggested that trade policy is shifting. 

Key Quotes:

"“Working to strengthen the contribution of trade to our economies” was added and “avoid all forms of protectionism” was omitted.

This bears watching given a streamlined global supply chain and the lowering of barriers has been a key driver of productivity growth and earnings.

The group also reiterated its stance against competitive devaluations and disorderly FX markets."