The G7 Summit meeting takes place this weekend and we’ll have to wait and see what effect decisions made there will have on the economy and exchange traded funds (ETFs).
The dollar was slightly weaker while holding onto recent gains made earlier in the week while investors awaited the meeting, where finance leaders from the world’s most industrialized nations get together, according to Dan Molinski for The Wall Street Journal.
Topics of interest at the Summit meeting:
- how to handle recent financial market turmoil
- health of the U.S. economy
- necessary steps to ensure sustained growth in the U.S.
G-7 financial leaders are, in particular, seeking to calm credit fears. Discussions will be about how to disclose and enhance finance-related information by institutions along with how to compensate for losses caused by the U.S. home loan crisis, reports DPA for EarthTimes.
Nations must work together to keep the global economies growing and to stabilize the financial markets. Climate change will be discussed in Hokkaido at the Group of Eight summit.
Meanwhile, finance minsters of Britain, Japan and the U.S. asked officials from other countries to join in an initiative to help developing nations cut greenhouse emissions through clean-energy technologies. The World Bank reports that by pooling efforts to support a new clean technology fund, administered by The World Bank, developing nations can cut their emissions.
Several ETFs could feel the impact of decisions made at the meeting:
- Financial Select Sector SPDR (XLF)
- iShares Dow Jones US Financial Services (IYG)
- PowerShares Global Clean Energy (PBD)
- PowerShares Wilderhill Clean Energy (PBW)
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.