IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,399.71 ▼ 0.17% MERVAL 3,291,246 ▲ 1.92% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL5.08▲ 0.06% USD/MXN17.39▼ 0.22% USD/CLP925.20▼ 0.15% USD/COP3,220▼ 0.49% USD/PEN3.39▼ 0.14% USD/ARS1,475▲ 0.32% USD/UYU40.15▲ 1.04% USD/PYG6,039▲ 1.28% USD/BOB10.65▲ 5.99% USD/DOP58.36▲ 0.10% USD/CRC447.49▲ 0.88% USD/GTQ7.62▲ 2.09% USD/HNL26.73▼ 0.01% USD/NIO36.62▲ 0.31% USD/VES725.63▲ 0.11% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.48▼ 0.01% USD/TTD6.76▲ 1.32% EUR/BRL5.82▼ 0.61% BRENT 85.20 ▲ 0.29% WTI 80.06 ▲ 0.58% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.47% GOLD 4,036 ▼ 0.19% SILVER 57.34 ▲ 0.39% SOY 1,198 ▼ 0.33% CORN 469.00 ▲ 4.80% WHEAT 675.25 ▼ 0.33% COFFEE 324.50 ▼ 3.77% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 140.45 ▲ 0.14% COTTON 82.13 ▲ 3.18% COCOA 5,917 ▲ 4.54% BEEF 230.33 ▼ 0.48% CATTLE 344.95 ▼ 1.10% LITHIUM 71.06 ▼ 0.73% PETR4 40.59 ▼ 0.17% VALE3 74.51 ▲ 0.68% ITUB4 43.14 ▼ 1.12% BBDC4 18.60 ▼ 0.16% ABEV3 15.57 ▼ 1.52% BBAS3 20.55 ▼ 0.19% B3SA3 15.69 ▲ 2.35% WEGE3 44.26 ▲ 0.14% PRIO3 57.50 ▼ 0.12% SUZB3 41.48 ▲ 0.90% RENT3 40.35 ▼ 0.47% AZZA3 18.66 ▼ 1.01% CSAN3 3.93 ▲ 1.03% RAIZ4 0.29 ▼ 6.45% PCAR3 2.62 ▲ 6.94% GMAT3 3.98 ▲ 0.51% PSSA3 55.22 ▲ 1.71% CVCB3 1.34 ▼ 2.90% POSI3 3.95 ▼ 1.00% SLCE3 13.50 ▼ 2.24% NATU3 8.67 ▲ 1.40% BRKM5 6.41 ▼ 6.15% RANI3 7.98 ▼ 0.37% CSNA3 5.24 ▲ 0.77% CMIN3 5.24 ▲ 2.75% USIM5 8.20 ▼ 0.36% GGBR4 24.20 ▲ 3.77% ENEV3 26.95 ▼ 0.81% CPFE3 46.83 ▼ 0.78% CMIG4 11.15 ▼ 0.45% EQTL3 40.33 ▼ 1.51% LREN3 14.10 ▼ 1.33% VIVT3 35.47 ▼ 0.14% RAIL3 14.07 ▼ 0.42% KLABIN 17.39 ▲ 0.40% RAIA DROGASIL 18.67 ▲ 0.38% RDOR3 36.01 ▼ 0.11% HAPV3 10.99 ▼ 1.79% FLRY3 16.51 ▲ 0.61% SMTO3 15.53 ▼ 3.66% UGPA3 31.10 ▲ 3.29% VBBR3 33.75 ▲ 1.35% BBSE3 40.71 ▲ 0.79% BPAC11 57.04 ▼ 1.57% CURY3 32.73 ▼ 2.56% AERI3 2.02 ▼ 2.42% VIVARA 23.52 ▲ 0.38% COMPASS 25.11 ▼ 0.36% VAMOS 3.12 ▼ 0.95% SANB11 27.00 ▼ 1.24% ASAI3 8.66 — 0.00% SBSP3 29.98 ▼ 1.19% WALMEX 49.61 ▲ 0.69% GMEXICO 200.02 ▲ 0.23% FEMSA 223.27 ▼ 2.64% CEMEX 22.64 ▲ 1.98% GFNORTE 183.98 ▼ 1.19% BIMBO 57.50 ▲ 2.02% TELEVISA 9.56 ▲ 0.74% AMX 22.80 ▼ 0.22% GAP 398.24 ▲ 0.75% ASUR 283.46 ▲ 2.85% OMA 234.61 ▼ 0.17% KOF 176.96 ▼ 1.69% GRUMA 280.76 ▲ 0.49% KIMBER 38.73 ▲ 0.75% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,550 ▲ 1.00% GGAL 8,205 ▲ 3.73% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 45.63 ▼ 0.26% LOMA NEGRA 3,615 ▲ 2.34% BYMA 304.25 ▲ 1.08% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 15.98 ▼ 1.11% BANCOLOMBIA 81.55 ▼ 0.67% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 398.20 ▲ 1.52% SOUTHERN COPPER 181.54 ▼ 0.46% BUENAVENTURA 30.71 ▼ 1.03% MERCADOLIBRE 1,843 ▼ 1.64% NUBANK 13.88 ▼ 0.79% XP 16.87 — 0.00% PAGSEGURO 9.21 ▼ 0.75% STONE 11.28 ▼ 0.18% GLOBANT 31.98 ▲ 3.43% TECNOGLASS 45.67 ▲ 3.26% GAP AIRPORT 228.15 ▲ 0.97% ASUR 283.46 ▲ 2.85% OMA AIRPORT 107.90 ▲ 0.24% AMX ADR 26.11 ▼ 0.27% FEMSA ADR 128.77 ▼ 3.30% CEMEX ADR 13.07 ▲ 2.11% PETROBRAS ADR 17.86 ▼ 0.33% VALE ADR 14.67 ▲ 0.55% ITAU ADR 8.45 ▼ 1.17% SANTANDER BR 5.35 ▼ 0.74% AMBEV ADR 3.03 ▼ 1.94% CSN 1.04 ▲ 0.49% GERDAU 4.80 ▲ 4.12% LATAM ADR 54.87 ▲ 2.54% BTC 64,654 ▼ 0.46% ETH 1,925 ▲ 1.90% SOL 77.15 ▼ 0.79% XRP 1.12 ▲ 0.41% BNB 580.17 ▼ 0.27% ADA 0.17 ▲ 0.47% DOGE 0.07 ▼ 0.19% AVAX 6.72 ▲ 0.34% LINK 8.53 ▲ 2.28% DOT 0.85 ▼ 0.44% LTC 45.25 ▼ 0.41% BCH 223.59 ▼ 5.46% TRX 0.32 ▼ 0.34% XLM 0.19 ▲ 2.16% HBAR 0.07 ▲ 0.79% NEAR 2.06 ▲ 2.78% ATOM 1.55 ▼ 0.64% AAVE 96.48 ▼ 2.43% SELIC 14.25% EMBRAER 82.35 ▼ 0.17% EMBRAER ADR 64.90 ▼ 0.02% JBS 12.10 ▲ 2.28% JBS BDR 61.43 ▲ 2.81% MBRF3 15.40 ▼ 4.29% MBRFY 2.87 ▼ 8.60% INTER 5.62 ▼ 1.40% EGX 52,558 ▲ 0.50% USD/ZAR16.34▼ 0.20% USD/NGN 1,379 — 0.00% NIKKEI 66,797 ▼ 2.84% CSI300 4,766 ▼ 0.44% HSI 25,115 ▲ 1.76% NIFTY 24,079 ▲ 0.11% KOSPI 6,825 ▼ 6.30% JCI 6,059 ▲ 0.29% USD/JPY162.12▼ 0.08% USD/CNY6.77▼ 0.05% DAX 25,000 ▼ 0.59% CAC 8,382 ▲ 0.19% FTSE 10,516 ▼ 0.13% MIB 52,411 ▼ 0.85% IBEX 19,276 ▼ 0.42% STOXX 642.71 ▲ 0.10% EUR/USD 1.1468 — 0.00% GBP/USD1.35▲ 1.39% SPX 7,572 ▲ 0.38% DJI 52,659 ▲ 0.29% NDX 29,503 ▼ 0.28% RUT 2,976 ▲ 0.39% TSX 35,416 ▲ 0.27% VIX 15.67 ▼ 5.03% USD/CAD1.40▼ 0.08% US10Y 4.5450 ▼ 0.87% IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,399.71 ▼ 0.17% MERVAL 3,291,246 ▲ 1.92% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL 5.08 ▲ 0.06% USD/MXN 17.39 ▼ 0.22% USD/CLP 925.20 ▼ 0.15% USD/COP 3,220 ▼ 0.49% USD/PEN 3.39 ▼ 0.14% USD/ARS 1,475 ▲ 0.32% USD/UYU 40.15 ▲ 1.04% USD/PYG 6,039 ▲ 1.28% USD/BOB 10.65 ▲ 5.99% USD/DOP 58.36 ▲ 0.10% USD/CRC 447.49 ▲ 0.88% USD/GTQ 7.62 ▲ 2.09% USD/HNL 26.73 ▼ 0.01% USD/NIO 36.62 ▲ 0.31% USD/VES 725.63 ▲ 0.11% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.48 ▲ 0.31% USD/TTD 6.76 ▲ 1.56% EUR/BRL 5.82 ▼ 0.61% BRENT 85.20 ▲ 0.29% WTI 80.06 ▲ 0.58% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.47% GOLD 4,036 ▼ 0.19% SILVER 57.34 ▲ 0.39% SOY 1,198 ▼ 0.33% CORN 469.00 ▲ 4.80% WHEAT 675.25 ▼ 0.33% COFFEE 324.50 ▼ 3.77% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 140.45 ▲ 0.14% COTTON 82.13 ▲ 3.18% COCOA 5,917 ▲ 4.54% BEEF 230.33 ▼ 0.48% CATTLE 344.95 ▼ 1.10% LITHIUM 71.06 ▼ 0.73% PETR4 40.59 ▼ 0.17% VALE3 74.51 ▲ 0.68% ITUB4 43.14 ▼ 1.12% BBDC4 18.60 ▼ 0.16% ABEV3 15.57 ▼ 1.52% BBAS3 20.55 ▼ 0.19% B3SA3 15.69 ▲ 2.35% WEGE3 44.26 ▲ 0.14% PRIO3 57.50 ▼ 0.12% SUZB3 41.48 ▲ 0.90% RENT3 40.35 ▼ 0.47% AZZA3 18.66 ▼ 1.01% CSAN3 3.93 ▲ 1.03% RAIZ4 0.29 ▼ 6.45% PCAR3 2.62 ▲ 6.94% GMAT3 3.98 ▲ 0.51% PSSA3 55.22 ▲ 1.71% CVCB3 1.34 ▼ 2.90% POSI3 3.95 ▼ 1.00% SLCE3 13.50 ▼ 2.24% NATU3 8.67 ▲ 1.40% BRKM5 6.41 ▼ 6.15% RANI3 7.98 ▼ 0.37% CSNA3 5.24 ▲ 0.77% CMIN3 5.24 ▲ 2.75% USIM5 8.20 ▼ 0.36% GGBR4 24.20 ▲ 3.77% ENEV3 26.95 ▼ 0.81% CPFE3 46.83 ▼ 0.78% CMIG4 11.15 ▼ 0.45% EQTL3 40.33 ▼ 1.51% LREN3 14.10 ▼ 1.33% VIVT3 35.47 ▼ 0.14% RAIL3 14.07 ▼ 0.42% KLABIN 17.39 ▲ 0.40% RAIA DROGASIL 18.67 ▲ 0.38% RDOR3 36.01 ▼ 0.11% HAPV3 10.99 ▼ 1.79% FLRY3 16.51 ▲ 0.61% SMTO3 15.53 ▼ 3.66% UGPA3 31.10 ▲ 3.29% VBBR3 33.75 ▲ 1.35% BBSE3 40.71 ▲ 0.79% BPAC11 57.04 ▼ 1.57% CURY3 32.73 ▼ 2.56% AERI3 2.02 ▼ 2.42% VIVARA 23.52 ▲ 0.38% COMPASS 25.11 ▼ 0.36% VAMOS 3.12 ▼ 0.95% SANB11 27.00 ▼ 1.24% ASAI3 8.66 — 0.00% SBSP3 29.98 ▼ 1.19% WALMEX 49.61 ▲ 0.69% GMEXICO 200.02 ▲ 0.23% FEMSA 223.27 ▼ 2.64% CEMEX 22.64 ▲ 1.98% GFNORTE 183.98 ▼ 1.19% BIMBO 57.50 ▲ 2.02% TELEVISA 9.56 ▲ 0.74% AMX 22.80 ▼ 0.22% GAP 398.24 ▲ 0.75% ASUR 283.46 ▲ 2.85% OMA 234.61 ▼ 0.17% KOF 176.96 ▼ 1.69% GRUMA 280.76 ▲ 0.49% KIMBER 38.73 ▲ 0.75% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,550 ▲ 1.00% GGAL 8,205 ▲ 3.73% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 45.63 ▼ 0.26% LOMA NEGRA 3,615 ▲ 2.34% BYMA 304.25 ▲ 1.08% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 15.98 ▼ 1.11% BANCOLOMBIA 81.55 ▼ 0.67% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 398.20 ▲ 1.52% SOUTHERN COPPER 181.54 ▼ 0.46% BUENAVENTURA 30.71 ▼ 1.03% MERCADOLIBRE 1,843 ▼ 1.64% NUBANK 13.88 ▼ 0.79% XP 16.87 — 0.00% PAGSEGURO 9.21 ▼ 0.75% STONE 11.28 ▼ 0.18% GLOBANT 31.98 ▲ 3.43% TECNOGLASS 45.67 ▲ 3.26% GAP AIRPORT 228.15 ▲ 0.97% ASUR 283.46 ▲ 2.85% OMA AIRPORT 107.90 ▲ 0.24% AMX ADR 26.11 ▼ 0.27% FEMSA ADR 128.77 ▼ 3.30% CEMEX ADR 13.07 ▲ 2.11% PETROBRAS ADR 17.86 ▼ 0.33% VALE ADR 14.67 ▲ 0.55% ITAU ADR 8.45 ▼ 1.17% SANTANDER BR 5.35 ▼ 0.74% AMBEV ADR 3.03 ▼ 1.94% CSN 1.04 ▲ 0.49% GERDAU 4.80 ▲ 4.12% LATAM ADR 54.87 ▲ 2.54% BTC 64,654 ▼ 0.46% ETH 1,925 ▲ 1.90% SOL 77.15 ▼ 0.79% XRP 1.12 ▲ 0.41% BNB 580.17 ▼ 0.27% ADA 0.17 ▲ 0.47% DOGE 0.07 ▼ 0.19% AVAX 6.72 ▲ 0.34% LINK 8.53 ▲ 2.28% DOT 0.85 ▼ 0.44% LTC 45.25 ▼ 0.41% BCH 223.59 ▼ 5.46% TRX 0.32 ▼ 0.34% XLM 0.19 ▲ 2.16% HBAR 0.07 ▲ 0.79% NEAR 2.06 ▲ 2.78% ATOM 1.55 ▼ 0.64% AAVE 96.48 ▼ 2.43% SELIC 14.25% EMBRAER 82.35 ▼ 0.17% EMBRAER ADR 64.90 ▼ 0.02% JBS 12.10 ▲ 2.28% JBS BDR 61.43 ▲ 2.81% MBRF3 15.40 ▼ 4.29% MBRFY 2.87 ▼ 8.60% INTER 5.62 ▼ 1.40% EGX 52,558 ▲ 0.50% USD/ZAR 16.35 ▲ 0.38% USD/NGN 1,379 — 0.00% NIKKEI 66,797 ▼ 2.84% CSI300 4,766 ▼ 0.44% HSI 25,115 ▲ 1.76% NIFTY 24,079 ▲ 0.11% KOSPI 6,825 ▼ 6.30% JCI 6,059 ▲ 0.29% USD/JPY 162.15 ▲ 0.01% USD/CNY 6.7681 ▲ 0.15% DAX 25,000 ▼ 0.59% CAC 8,382 ▲ 0.19% FTSE 10,516 ▼ 0.13% MIB 52,411 ▼ 0.85% IBEX 19,276 ▼ 0.42% STOXX 642.71 ▲ 0.10% EUR/USD 1.1468 — 0.00% GBP/USD 1.3527 ▼ 0.07% SPX 7,572 ▲ 0.38% DJI 52,659 ▲ 0.29% NDX 29,503 ▼ 0.28% RUT 2,976 ▲ 0.39% TSX 35,416 ▲ 0.27% VIX 15.67 ▼ 5.03% USD/CAD 1.4050 ▲ 0.09% US10Y 4.5450 ▼ 0.87%
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Thursday, July 16, 2026

G20 in Rio: When the Family Photo Needs a Retake

By · November 20, 2024 · 3 min read

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(Opinion by Bloomberg) The recent G20 summit in Rio de Janeiro revealed a world in flux, with traditional power structures crumbling and new alliances forming. As leaders of the world’s largest economies gathered, the atmosphere was tense and uncertain.

Brazilian President Lula da Silva abruptly ended behind-the-scenes debates on describing conflicts in Ukraine and the Middle East. This move left a bitter taste, especially among the US and its allies.

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Shortly after, news broke that Ukraine had launched long-range US missiles at Russia for the first time since Putin’s invasion. The Kremlin reiterated its nuclear threat, shaking markets.

The US later announced it would provide Ukraine with anti-personnel landmines. The summit, meant to showcase global unity, instead highlighted the unraveling international order.

North Korean soldiers are fighting in Europe for the first time. Israel resists US efforts to halt fighting with Hezbollah and Hamas. China regularly conducts military drills around Taiwan.

G20 in Rio: When the Family Photo Needs a Retake
G20 in Rio: When the Family Photo Needs a Retake. (Photo Internet reproduction)
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Nuclear threats have become commonplace. All this occurs before Donald Trump’s potential return to the White House. The sense of global disorder was evident in Rio.

Shifting Dynamics and Emerging Tensions

US President Biden, Canadian PM Trudeau, and Italian PM Meloni missed the traditional “family photo” on day one. Conflicting explanations were given for their absence.

Lula requested a retake of the photo on Tuesday. Biden appeared this time, but the fake backdrop instead of Rio’s iconic Sugarloaf Mountain reinforced the impression of superficial unity.

At a cocktail party on the first night, 79-year-old Lula left early. Many attendees sought selfies with a smiling Biden, who turns 82 on Wednesday.

Neither leader addressed journalists at the summit’s end, suggesting the events in Rio may hold little significance in the coming months.

Trump’s potential return loomed over the meetings. Questions arose about the US’s future role in global affairs under a new administration. Diplomats politely avoided the term “isolationist.”

Leaders from emerging Global South economies appeared most at ease. India’s Modi and China’s Xi chatted comfortably, taking center stage before and after group photos.

With Trump threatening tariffs on both, it seemed like the calm before the storm. The G7 old guard seemed out of step. Biden maintained a light schedule on what is essentially a farewell tour.

Trudeau and Germany’s Scholz appeared to be lame ducks. UK’s Starmer and Japan’s Ishiba are still finding their footing. France’s Macron and Italy’s Meloni, both facing recent electoral setbacks, gravitated towards Javier Milei, a standout presence in Rio.

Milei’s off-camera jabs at the establishment were widely discussed. Meloni exemplified the balancing act many G7 leaders face. When asked about US disengagement, she quickly emphasized the importance of Western unity.

Macron seemed eager to fill the void left by Biden’s departure. Ukrainian and European officials praised his tougher stance towards Moscow. However, France’s ability to rally allies remains uncertain.

A Turning Point in Global Diplomacy

Scholz resisted sending long-range Taurus missiles to Kyiv in light of the US decision. He faced criticism for a previous phone call with Putin, despite pleading with Lula to allow Ukrainian President Zelensky to join the meeting.

Beneath the surface, cracks are widening. A diplomat noted that Trump’s disdain for much of what Europe stands for is unlikely to change. European nations need to find allies to support multilateral commitments on climate and WTO support.

Rio demonstrated that the West no longer runs the show. Each G20 statement since Russia’s war against Ukraine has been weaker than the last.

Fewer nations want to play by the old rules, let alone defend them. Some diplomats noted that Lula broke several diplomatic conventions by prematurely releasing the G20 communiqué.

This sends a powerful message to future hosts. Some leaders had hoped for stronger language, particularly on Russia’s war in Ukraine.

Lula, who spent time in prison and staged a political comeback rivaling Trump’s, seemed unfazed. While Western diplomats complained about one of the most chaotic summits in memory, Brazil has a different perspective.

The perceived snub to Biden was unintentional, and issues close to Lula’s heart made it into the final declaration. As one seasoned diplomat put it: enjoy the sun, have a cocktail, and “welcome to Latin America.”

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