G‐20: No new structures—maybe a reality bite!

No major new global frameworks were hashed out by the G‐20. Dollar is giving back some gains from that late blow‐off move very late in the day on Friday. The pound is staging a nice‐sized bounce.

Crude oil, the global growth thermometer, continues to move lower and lower. We would have expected a bounce in crude if the market expected anything said by the G‐ 20 would help. There seems a sinking realization that global recession will continue to get worse before better. And maybe the simple goal of G‐20 at this stage is to avert global depression, instead of the run of the mill recession, now that there is growing panic about Chinese growth.