World Markets Tumble as G20 Fails to Resolve Tensions. OPEC, IEA Raise Oil Demand Forecasts

G20 leaders released a communiqué after the summit in South Korea, pledging to achieve 'strong, sustainable and balanced growth in a collaborative and coordinated way'. However, financial ministers' refusal to join the US in pressuring China to appreciate RMB signals currency and trade disputes will persist for some time. More importantly, G-20 leaders spent a considerable time discussing Europe's debt problems, intensifying worries that the EU may need to bail out some of the peripheral countries.

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World Markets Tumble as G20 Fails to Resolve Tensions. OPEC, IEA Raise Oil Demand Forecasts