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G20 talks in Rio de Janeiro have reportedly reached a fragile consensus on climate finance, a breakthrough that has eluded previous U.N. negotiations. Developing nations emphasize that they can only enhance their emissions reduction targets if wealthier countries, the primary contributors to climate change, provide financial support. As leaders address various global issues, the urgency of climate action remains a focal point amid ongoing tensions from the conflict in Ukraine.
Leaders of the Group of 20 major economies are set to convene in Brazil for their annual summit on Monday. They are preparing for a significant shift in the global order following the return to power of U.S. president-elect Donald Trump.
UK Prime Minister Keir Starmer is set to meet Chinese President Xi Jinping on Monday, aiming to improve UK-China relations to boost economic growth. Starmer emphasized the importance of China as a major trading partner and plans to engage in serious, pragmatic discussions during the Group of 20 summit in Brazil.
Argentine President Javier Milei is set to meet with Chinese President Xi Jinping at the Group of 20 summit, marking a significant shift in his stance towards China. Once dismissive of engaging with communists, Milei's upcoming discussion reflects his evolving perspective since his election victory a year ago.
Indonesian President Prabowo Subianto will meet with Chinese President Xi Jinping before potentially engaging with President-elect Donald Trump in the US. This marks Prabowo's first overseas trip since his inauguration on October 20, which includes attending the APEC summit in Peru, the G20 meeting in Brazil, and an official visit to the UK.
IMF chief Kristalina Georgieva will attend the UN climate summit in Baku virtually, marking her first absence in person in four years. Her decision comes as she travels to Peru for an Asia-Pacific Economic Cooperation forum, followed by a Group of 20 leaders summit in Brazil.
The Bank of Japan is expected to maintain its short-term policy rate at 0.25% during an upcoming two-day meeting. Governor Kazuo Ueda expressed cautious optimism regarding the U.S. economic outlook but noted ongoing market instability, emphasizing the need for careful analysis before any rate adjustments.
Japan's Finance Minister Katsunobu Kato has heightened the urgency of monitoring currency fluctuations as the yen reaches a near three-month low against the dollar. He expressed concerns over "one-sided, rapid moves" in the forex markets and emphasized vigilance against speculative trading.
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