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Markets

GBP/AUD has recovered most of last week's losses since last Thursday, but "no deal" Brexit fears have been keeping a lid on Sterling (GBP) strength. The latest stats showed a downturn in the United Kingdom unemployment rate in June, with the figure now sitting square at 4 per cent. Final figures to look out for include Australia's employment figures and British retail sales stats.
  • Turkey hits back at United States with tariff hikes on key products

    Turkey hits back at United States with tariff hikes on key products

    Markets

    The Trump administration imposed its own financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on the country earlier this month as President Donald Trump tries to secure the Brunson's release. Brunson's Evangelical Presbyterian Church describes him as a "teaching elder" who moved to Turkey in 1993 as part of a missionary programme. Brunson's lawyer Cem Halavurt confirmed to AFP that he appealed for the release of his client once again on Tuesday, saying ...
  • Turkey's Erdogan vows USA boycott, but diplomats resume talks

    Turkey's Erdogan vows USA boycott, but diplomats resume talks

    Markets

    Dollar-denominated bonds issued by selected Turkish banks continued to fall on Tuesday, although sovereign bonds steadied. President Erdogan said on Tuesday that Turkey was taking measures to stabilise its economy and should not "give in to the enemy" by investing in foreign currencies .
  • Turkey doubles tariffs on some U.S. goods amid rising tensions

    Markets

    He was also charged with supporting the outlawed Kurdistan Workers' Party (PKK), which was designated as a terrorist organization by Turkey and the U.S. It was not clear when the court would consider the appeal. Mr Brunson, who faces up to 35 years in jail if found guilty, denies the charges. The Trump administration has demanded that Brunson, a pastor from North Carolina who has lived in Turkey for decades, be allowed to return to the United States .
  • Man hopes Monsanto verdict boosts other cases

    Man hopes Monsanto verdict boosts other cases

    Markets

    Monsanto has lost a court case in the USA based on whether or not Roundup caused a groundskeeper's cancer. While observers predicted that thousands of other claims could follow, Bayer said the California jury's findings went against scientific evidence and that other courts "might arrive at different conclusions".
  • Global markets stabilise as Turkey jitters ease

    Global markets stabilise as Turkey jitters ease

    Markets

    Even with the rebound, the lira has plunged 25 percent this month as tension with the USA over a jailed American pastor deepened and Erdogan ruled out higher rates and an worldwide bailout. On Tuesday, one dollar was worth 7.2 lira. This is the latest chapter in a growing diplomatic rift between Turkey and the United States. Meanwhile, Turkey's state-run media said the lawyer representing the pastor appealed to a court to lift a travel ban imposed on Brunson.
  • Turkish President announces plan to boycott USA electronics, including iPhones

    Turkish President announces plan to boycott USA electronics, including iPhones

    Markets

    The US reports retail sales and new housing construction numbers. Turkey's state-run news agency and US officials say US National Security adviser John Bolton had met with the Turkish ambassador to Washington on Monday. "Europe's banks will have to reserve more against these potential losses, and already low capital adequacy ratios will be tested", wrote Carl Weinberg, chief global economist at High Frequency Economics.
  • Opec confident China-US dispute won't hit demand

    Opec confident China-US dispute won't hit demand

    Markets

    The prospect of continued strength in the US dollar over the coming months should constitute an even greater concern to bullish oil traders than an escalating trade war between the world's two largest economies, an analyst told CNBC on Monday.
  • Turkish minister hails Germany's stance on United States sanctions

    Turkish minister hails Germany's stance on United States sanctions

    Markets

    Erdogan has called this fight an "economic war" and has urged citizens to dig out their dollars , euros and gold to cash them in for Turkish lira . Now the many contradictions in his policy positions are coming to a head, with unpredictable implications for Syria, Iran, Nato and already strained relations with Europe.
  • Turkey must ensure independence of central bank: Merkel

    Turkey must ensure independence of central bank: Merkel

    Markets

    Turkey's currency collapsed by more than 25% against the dollar last week amid rising tensions between the United States and President Recep Tayyip Erdogan over trade. The Dow Jones Industrial Average slid 125.44 points, or 0.5 per cent, to 25,187.70. The dollar was a touch firmer at 110.95 yen JPY= , having hit a six-week trough around 110.10 on Monday.
  • USA dollar rises to 13-month high against Singdollar on Turkish crisis

    Markets

    Saying that the United States is going through a "strategic confusion" due to its domestic politics, Cavusoglu called its North Atlantic Treaty Organisation ally to realise "each of us matters". "As with any loan or bond issue, there is always the chance of default, and that risk would be particularly high when a country is at the eye of the storm", he said.
  • Largest fire in California's history continues to spread north

    Largest fire in California's history continues to spread north

    Markets

    The River Fire, the smaller of two blazes that make up the Mendocino Complex, has been mostly contained at almost 49,000 acres since Saturday, Cal Fire reported . Cal Fire predicts the Mendocino fire will be fully contained by September 1. The Carr Fire has been the deadliest of the wildfires to hit the West this season.
  • Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

    Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

    Markets

    On Monday, the rupee ended at an all-time closing low, the currency closed the session 110 paise lower at 69.93, it was the biggest single-day fall in five years. The rupee traded in the range of 69.93-69.41 against the American currency before closing at the day's lowest point. The Reserve Bank of India also plays a crucial role by intervening in the market to protect the rupee.
  • European bank stocks lose more ground as concerns on Turkey spread

    European bank stocks lose more ground as concerns on Turkey spread

    Markets

    It could also play a key role in shifting the country from relying on the West to aid its economic development and turning east to Russian Federation and China for growth and investment. Turkey on Monday announced it would take legal action against hundreds of social media accounts it said was "creating a negative perception" of the economy amid the ongoing plummet of the lira.