The recent Group of Seven (G7) meeting in Essen, Germany was ho-hum. Is it so much to ask for a lousy protest or two on global warming or saving the rainforests to liven things up a bit? How about at least throwing us a bone with a little bickering between Russian and US dignitaries? But we got nothing. Everyone played nice. And while there were few revelations and little juicy gossip, there were a few noteworthy items to report.
But before we get to that, a brief cautionary note: G7 meetings, and other such economic "summits," are usually a lot more hype than substance. Investors and journalists giddily fetishize each detail, intonating that everything from currency movements to stock price fluctuations are massively affected by the meeting's outcome.
This is likely far from the truth. In reality, such meetings have very loose agendas and are more about politics and diplomacy than real, actionable economic policy. Very seldom does any big action result. However, it's worth noting the tone and rhetoric of the meetings to get a sense of current political and economic attitudes around the world, and what developments might happen down the line.
All in all, the G7's tone was predominantly in favor of free trade and globalization and raised no major red flags on policy changes or protectionism. That might make the meeting a yawner, but no new news is good news for stocks to continue their climb.
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*The content contained in this article represents only the opinions and viewpoints of the Fisher Investments editorial staff.