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FirstFT: G20 rejects ‘era of war’

World leaders used their opening speeches at the G20 summit in Bali to condemn Russia for its invasion of Ukraine and increase the pressure on Moscow to end the conflict.

A draft communiqué agreed by diplomats and seen by the Financial Times said the leaders of the world’s 20 largest economies condemned the war in Ukraine and stressed it was “exacerbating existing fragilities in the global economy”.

It goes on to criticise Moscow for its use of nuclear rhetoric and called for diplomacy to end the conflict. “Today’s era must not be of war,” it states.

The communiqué was agreed by country delegates last night after days of wrangling between western officials and those from Russia and China. The Indian delegation played a big role in achieving consensus among member states over the wording that criticised the Russian invasion, according to three officials with knowledge of the negotiations.

It will be formally adopted by G20 leaders tomorrow, the second day of the summit.

In a special video address to leaders this morning, in a session dedicated to the war and its impact on global food and energy markets, Volodymyr Zelenskyy, the Ukrainian president, demanded Moscow withdraw its troops from his country.

“I want this aggressive Russian war to end justly and on the basis of the UN charter and international law,” said Zelenskyy, who yesterday visited the liberated city of Kherson in southern Ukraine.

Zelenskyy said his country should not be offered peace deals that would compromise its “conscience, sovereignty, territory and independence”.

Russian president Vladimir Putin has stayed away from the summit and sent foreign minister Sergei Lavrov in his place. Lavrov stayed in the room during Zelenskyy’s speech and western leaders remained as Lavrov spoke, according to people present.

Agreement on the communiqué comes a day after the US and China agreed to communicate more frequently over a range of issues, including climate change, economic stability and food security.

At their first in-person meeting since Joe Biden became president, the US leader raised with China’s president Xi Jinping his country’s “increasingly aggressive” actions towards Taiwan. The US president later said that Antony Blinken, secretary of state, would visit China for further talks.

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The day ahead

Donald Trump announcement The former US president has teased a “very big announcement” scheduled for later today at his Mar-a-Lago estate in Florida. Trump is expected to declare his intention to run in the 2024 presidential election, but a lacklustre performance by candidates he endorsed in the midterms poses a setback to his ambitions.

Company earnings Investors will be on the lookout for clues on the health of the American consumer when the world’s largest retailer reports third-quarter earnings. Walmart, regarded as a barometer of the US consumer economy, shocked the market with two profit warnings earlier this year as it misjudged rising costs and had a rapid build-up in inventory. Hardware chain Home Depot will provide some insight into how much consumers are spending on home improvement in a high inflation environment.

Economic data Economists expect the producer price index to increase by 0.4 per cent in October. PPI tracks the prices that businesses receive for their goods and services, and is seen as a leading indicator of where consumer inflation is heading in the coming months. PPI rose by 0.4 per cent in September, exceeding consensus expectations and suggesting that interest rate rises by the Federal Reserve had not yet stamped out high inflation. Observers will be watching closely, as the figure comes one day after Fed vice-chair Lael Brainard backed a slower pace of rate increases.

What else we’re reading and watching

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Technology

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Source: Economy - ft.com

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