President Erdogan vowed that Turkey would comply with global principles guiding monetary policy after the June 24 election, however in the meantime he strongly urged his citizens not to exchange Turkish Lira into foreign currency.
The change comes after Wells Fargo’s share of the municipal-bond underwriting business has shrunk as some governments have cut ties with the bank following a series of scandals...
Having tested $8,000 last week, and bounced, Bitcoin has broken back below it - to six-week lows - as the entire crypto-space is under pressure following China crackdown headlines and news that India is considering a major crypto tax.
Executives at the biggest German lender have "zeroed in" on plans to eliminate close to 10,000 jobs, about one in 10 employees, as part of the bank's epic cost-cutting scramble.
"Investors have scrambled to reduce risk as the spending implications of the new government has naturally caused concerns over the future dynamics of the debt load of a country which is already very heavily laden."
A look at the historical relationship between UK house prices and gold (including some great charts). Your money is better off in the yellow bricks than bricks and mortar.
It is a sea of red in global markets this morning amid a quartet of risks, including the Turkish lira meltdown, weak European PMIs, the Italian political quagmire and Trump casting doubts over the North Korean summit.
"A novice, populist politician in charge of Europe’s third largest economy isn’t some far-fetched dystopian nightmare. The nightmare has been the last decade under the thumb of the thoroughly and irredeemably conventional. Why not try something very different, something possibly less corrupted? "
"As machines have replaced people, and speed has replaced capital, the ability of the market’s liquidity providers to process complex information may lead to surprisingly large drops in liquidity when the next crisis hits."
It has come to this: as part of the Facebookization of America, U.S. consumers are now more likely to pay their monthly cell phone bill than their auto loan.
On May 18, the Bank of England released a staff working paper, laying out various scenarios of possible risks and financial stability issues of central bank digital currencies (CBDCs).
"...the platforms exacerbated anxiety and depression, deprived them of sleep, exposed them to bullying and created worries about their body image and 'FOMO' ('fear of missing out')..."
The Italian crisis is far from over and the concept of their 'mini-BoT' parallel currency is throwing up some very red flags about the future of the European Union... You just have to know where to look.
My conclusion – for what its worth – is the Draghi Put, the threat of Italian instability contaging other states, and the maintenance of the European dream at any cost, mean Italian bonds look cheap because the ECB has to act.
It's a risk-on mood around the world, as China makes an unexpected trade concession by slashing auto import tariffs to 15%, while the Italian bond rout is taking a break, leading to a sharp rebound in the euro as the dollar slides.
