DIRS.INFO The most relevant business & tech news

☆ A boomer retired early, sold everything, and moved to Turkey. She pays just $500 for basic monthly bills and Social Security more than covers it.
▼ + stars: | 2024-05-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

To make that happen, Crockett retired a few years ahead of schedule, collected early Social Security, and sold her house, cars, and most of her other valuable belongings. I live totally on my Social Security," she said. There's walking groups, there's jogging groups, there's knitting groups, there's yoga, there's something for everyone here." One 63-year-old said that she doesn't see her Social Security keeping her afloat due to the lingering impacts of the pandemic, which caused her to lose her job and run through her savings. AdvertisementAre you living abroad?

Persons: Debra Crockett, Crockett, she's, didn't, it's, there's Organizations: Service, Social Security, Business, BI Locations: Europe, Turkey, Turkish

☆ Fenerbahçe players walk out of Super Cup final after a minute of play as club calls for ‘reset of Turkish football’
▼ + stars: | 2024-04-08 | by ( Sammy Mncwabe | Tanem Zaman | ) edition.cnn.com time to read: +3 min

CNN —Turkish soccer club Fenerbahçe called for a “reset of Turkish football” before staging a walkout one minute into the Super Cup final against Galatasaray on Sunday, conceding the trophy. “It is time for a ‘reset’ for Turkish football. According to state news agency TRT, a decision about the abandoned Super Cup match will be made by the TFF. Turkish football has been engulfed in chaos recently with several high-profile incidents. Trabzonspor, Galatasaray and Fenerbahçe have previously called for the resignation of TFF president Mehmet Büyükekşi and the current board.

Persons: Fenerbahçe, Mauro Icardi, Ali Koç, ”, Erden Timur, Stringer, Faruk Koca, Mehmet Büyükekşi Organizations: CNN, Turkish, Fenerbahçe, Super, Galatasaray, Sunday, Galatasaray’s Argentine, ” Galatasaray, Reuters CNN, Turkish Football Federation, TRT, TFF, Trabzonspor, Turkish Lira, Lig, club Ankaragücü, FIFA Locations: Istanbul, Turkish, Turkey

☆ Turkey's inflation climbs to 68.5% despite continued rate hikes
▼ + stars: | 2024-04-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Cagla Gurdogan | ReutersTurkey's annual inflation rose to 68.5% for the month of March, an increase on February's 67.1% inflation read, according to the Turkish Statistical Institute's report released Wednesday. Turkey has launched a concerted effort to tackle soaring inflation with interest rate hikes, most recently raising the country's key rate from 45% to 50% in late March. watch nowMuch of the inflation in recent months stems from a significant increase to the minimum wage that Turkey's government mandated for 2024. Economists expect further rate hikes from the central bank will be necessary. Turkey's central bank implemented eight consecutive interest rate hikes from June 2023 to January 2024, totaling a cumulative 3,650 basis points.

Persons: Cagla Gurdogan, Nicholas Farr, Istanbul Mayor Ekrem Imamoglu, Umit Bektas Organizations: Reuters, Economics, Istanbul Mayor, Republican People's Party Locations: Ankara, Turkey, Europe, London, Istanbul Metropolitan, Istanbul

☆ Turkey's opposition party just won the local elections. It could prompt a change in the country's relationship with Russia.
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Turkey's President's AK Party lost major local elections in Istanbul and Ankara. AdvertisementThe Turkish party led by President Recep Tayyip Erdoğan suffered big losses in local elections held on Sunday. But an opposition victory in the majority of the largest Turkish cities would have "a dampening effect on President Erdoğan's prestige at home," they wrote. Advertisement"The extent to which President Erdoğan can exercise his personal power at home will be a crucial factor that determines Turkey's international behavior," they added. To be sure, the elections on Sunday were local — Erdoğan already won the presidential election in May, securing another term for five years.

Persons: Turkey's, —, Recep Tayyip Erdoğan, Ekrem Imamoğlu, Erdoğan, Vladimir Putin —, Putin, Marc Pierieni, Francesco Siccardi, Erdoğan's, Russia —, Hakan Akbas, Albright, Erdogan Organizations: Turkey's President's AK Party, Service, CHP, Reuters, AK Party, AFP, NATO, Erdoğan's AK Party, Turkish, Carnegie, West, Sunday, AK, Group, AK Party's Locations: Istanbul, Ankara, Russia, Turkey, Carnegie Europe, Ukraine, Moscow, Europe, —

☆ Turkey's local elections — and whoever wins Istanbul — could dictate the future of the country
▼ + stars: | 2024-03-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

As the sunsets, a ferry boat glides across the waters of the Golden Horn with the Suleymaniye Mosque and the city of Istanbul, Turkey in the background. Vw Pics | Universal Images Group | Getty ImagesTurkish President Recep Tayyip Erdogan once said that whoever wins Istanbul wins Turkey. This is odd but also shows how important it is to win Istanbul," Tunca said. Major Turkish cities like Istanbul and the capital Ankara will be key races to watch. Istanbul Municipality Mayor Ekrem İmamoğlu speaks at the 19 May Commemoration of Atatürk, Youth and Sports Day celebrations held at the Maltepe Event Area on May 19, 2023 on Istanbul, Turkey.

Persons: Recep Tayyip Erdogan, Imamoglu, Erdogan, People's Party's, Murat Kurum, Arda Tunca, Volodymyr Zelenskiy, Tayyip Erdogan, Umit Bektas, Tunca, Kristin Ronzi, RANE, Erdogan's, Ekrem İmamoğlu, Hakan Akgun, Turkey's, Ronzi Organizations: Getty, Istanbul, sympathizing, Development Party, AK Party, Imamoglu, AK, CNBC, European Union, NATO, Reuters, Party, Imamoglu's CHP, Turkey's, CHP Locations: Istanbul, Turkey, Ukraine, Russia, Arab, Turkish, Ankara, East, North Africa

☆ Somali president’s son convicted for fatal collision in Turkey, but spared jail time
▼ + stars: | 2024-01-17 | by ( Scott Mclean | ) edition.cnn.com time to read: +7 min

CNN —The son of Somalia’s president was convicted in an Istanbul courtroom but spared jail time over a collision that killed a motorcycle courier in the city, in a case that has drawn anger and demands for justice across Turkey. Iyaz Cimen, the lawyer representing Gocer’s family, told CNN that his clients had agreed to drop their formal complaint against Mohamud. Cimen, the lawyer representing Gocer’s family, told CNN in December that Mohamud had left the country on December 2, before the warrant was issued. President Mohamud told the AP he was sorry for Gocer’s family for his loss, and said that he has advised his son to go back to Turkey for court proceedings. Last month, he told CNN Turk that his client was not speeding or under the influence of alcohol or drugs at the time of the collision.

Persons: Hassan Sheikh Mohamud, ”, Yunus Emre Gocer, Mohamud, Iyaz Cimen, Gocer, Cimen, Ekrem Imamoglu, Yilmaz Tunc, “, Musaeed Ahmed Musaeed Hussein, Yemen’s, Ahmed Musaeed Hussein, Hussein, Pakize Ozer, CNN Turk, Ozer, Kerim Bahadır Organizations: CNN, TRT Haber, TRT, Mohamud, BMW, Traffic, Department, Forensic Medicine Institute, ” CNN, Associated Press, AP, Anadolu Locations: Istanbul, Turkey, Turkish, Istanbul’s, Somali, Ankara, Anadolu, “

☆ He Killed a Man. Turks Wonder Why a Well-Connected Somali Went Free.
▼ + stars: | 2024-01-17 | by ( Safak Timur | ) www.nytimes.com time to read: +1 min

First he was allowed to leave Turkey after he hit a motorcycle courier with his car in November. Then the police blamed the courier, who later died in the hospital, before reversing course. Widespread perceptions that the driver, Mohammed Hassan Sheikh Mohamud, 40, a doctor, repeatedly received preferential treatment from the authorities have prompted outrage in Turkey and accusations that justice was denied to the courier, Yunus Emre Gocer, 38, a father of two young children. Many Turks speculated on social media that Mr. Mohamud had been treated differently because of his father’s position and vented about the unusually swift judicial process. Similar cases typically take 18 months to two years, legal experts say.

Persons: “, ”, Mohammed Hassan Sheikh Mohamud, Yunus Emre Gocer, Mohamud Locations: Turkey

☆ Turkish lira hits fresh record low against the U.S. dollar
▼ + stars: | 2024-01-11 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The Turkish lira hit a fresh record low against the U.S. dollar on Thursday, trading at 30.005 to the greenback just before noon local time. It marks the first time that the lira has broken 30 against the dollar, which was up 0.17% against the Turkish currency from the previous day's session. The beleaguered lira has fallen some 37% against the U.S. benchmark over the past year, as monetary policymakers try to combat double-digit inflation by steadily raising interest rates. Inflation in the country of roughly 84 million rose to 64.8% on an annual basis in December, up from 62% in November. It's still an improvement on the prior year, after Turkish inflation hit a peak of 85.5% in October 2022.

Persons: Recep Tayyip Erdogan, It's Organizations: U.S, Ankara Locations: Morgan's, New York

☆ Exclusive: European fund giant Amundi dips toe back into Turkey's lira
▼ + stars: | 2023-11-28 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. "We have started to cover our underweight in Turkish lira a few weeks ago," Strigo told Reuters, referring to the process of taking a more positive view on the currency. Amundi, while the first major fund to formally declare its shift, is not alone in testing the waters, according to other foreign investors and bankers. "It is probably the easiest way for now," Strigo said about the use of FX forwards to express that balance. With the bank having lifted rates to 40% from 8.5% since June, Amundi thinks another hike next month could finish the job.

Persons: Sarah Meyssonnier, Sergei Strigo, Amundi's, Strigo, Tayyip Erdogan, Amundi, Goldman Sachs, Erdogan, sceptics, Central Bank Governor Hafize Gaye Erkan, Marc Jones, Karin Strohecker, Jonathan Spicer, Susan Fenton Organizations: REUTERS, Reuters, Investment, JPMorgan, FX, Graphics, Central Bank Governor, Reuters Graphics Reuters, Thomson Locations: Paris, France, Turkey, Turkish, New York, London, Istanbul

☆ Exclusive: European fund giant Amundi dipping toe back into Turkey's lira
▼ + stars: | 2023-11-28 | by ( Marc Jones | ) www.reuters.com time to read: +1 min

A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Amundi, Europe's largest asset manager, has started dipping its toe back into the Turkish lira it says having been impressed by the country's turnaround efforts since its mid-year elections. "We have started to cover our underweight in Turkish lira a few weeks ago," Sergei Strigo, Amundi's co-Head of Emerging Markets Fixed Income, told Reuters, referring to the process of taking a more positive view on the currency. "We are not yet ready to increase the allocation (in the lira) but it is definitely on our radar screen." Additional reporting by Karin Strohecker in London and Jonathan Spicer in Istanbul; editing by Elisa MartinuzziOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Sergei Strigo, Amundi's, Strigo, Karin Strohecker, Jonathan Spicer, Elisa Martinuzzi Organizations: REUTERS, Reuters, Thomson Locations: Paris, France, Turkey, London, Istanbul

After getting battered for most of 2023, emerging market (EM) currencies have made modest gains against the dollar after the Federal Reserve held interest rates steady last week and data suggested the U.S. economy might finally be slowing. That dollar weakening trend was likely to hold in the near-term as a majority of analysts in the Nov. 3-7 Reuters poll expected the dollar to trade lower by year-end. "So it's difficult to see the EM currencies recoup some of the sharp losses that we've seen in the last few months. Although EM currencies gained at the beginning of 2023 and investors brimmed with positivity after China's post-COVID reopening, economic performance in the world's second largest economy has been mostly underwhelming. "Easier Fed monetary policy should also take some pressure off select emerging market currencies in the second half of next year," noted Nick Bennenbroek, international economist at Wells Fargo.

Persons: We've, Mitul Kotecha, we've, it's, Nick Bennenbroek, Devayani Sathyan, Anant Chandak, Hari Kishan, Ross Finley, Mark Potter Organizations: Federal Reserve, Reuters, FX, Asia, Barclays, South Korean, Thomson Locations: BENGALURU, JOHANNESBURG, U.S, Brazilian, Wells Fargo

☆ The Japanese yen's underlying forces are so weak the currency is in the 'same league' as the Argentine peso and Turkish lira, Deutsche Bank says
▼ + stars: | 2023-11-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The yen's key drivers are so weak the currency is comparable to the Turkish lira and Argentine peso, Deutsche Bank said. The country's balance of payments are also weak as the Bank of Japan has triggered capital flight. AdvertisementAdvertisementThe Japanese yen's fundamentals are so weak the currency is comparable to some of the world's worst performing tenders, a Deutsche Bank note said on Wednesday. "A simple glance of the yen's drivers - yields and external accounts - puts the Japanese yen in the same league as the Turkish lira and Argentine peso," George Saravelos, the bank's global head of foreign exchange research, wrote in the report. Intervention by the Bank of Japan in currency markets won't help the yen, and may actually backfire.

Persons: —, George Saravelos, Saravelos Organizations: Argentine, Deutsche Bank, Bank of, Service, Bank of Japan Locations: Japan, Bank of Japan

☆ Turkey's central bank hikes key interest rate to 35%
▼ + stars: | 2023-10-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023. Turkey's central bank on Thursday hiked its key interest rate from 30% to 35%, in an ongoing bid to rein in inflation. The turnaround began in June, when Turkey's President Recep Tayyip Erdogan — who spearheaded the controversial policy stance — appointed former Wall Street banker Hafize Gaye Erkan as new central bank governor. The key interest rate has been hauled up from 8.5% since then, and economists argue it needs to go further. Inflation is forecast by the central bank to reach just over 60% by the end of 2023, while the Turkish lira has plummeted, making imports more expensive.

Persons: Turkish Central Bank Governor Hafize Gaye Erkan, Recep Tayyip Erdogan —, —, Hafize Gaye Erkan Organizations: Turkish Central Bank Governor, Reuters, Wall Street Locations: Ankara, Turkey, Turkey's

☆ Renault sales up 7.6% thanks to higher prices but forex weighs
▼ + stars: | 2023-10-19 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. Revenues came in at 10.51 billion euros ($11.07 billion), a touch above an analyst consensus forecast of 10.46 billion euros distributed by the company. Like other European carmakers it is facing strong competition in the EV market from Tesla (TSLA.O) and cheaper Chinese models. Renault confirmed its targets for 2023, adding it now expected a group operating margin closer to 8% for the year from a previous 7-8% forecast. ($1 = 0.9497 euros)Reporting by Gilles Guillaume, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Hartmann, carmaker, Ampere, Gilles Guillaume, Silvia Aloisi Organizations: Renault, REUTERS, Companies Renault SA, Tesla, carmaker Renault, Turkish, Thomson Locations: Boulogne, Billancourt, Paris, Turkey, Argentina

ISTANBUL (AP) — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The Turkish central bank started cutting rates in late 2021 under pressure from Erdogan. Before their appointments, the central bank had cut its key interest rate from around 19% in 2021 to 8.5% earlier this year. Erdogan has fired three central bank governors who resisted pressure to cut rates before appointing Erkan’s predecessor in 2021. Following Erkan’s appointment, the bank has raised its key rate a series fo time: by an aggressive 7.5 percentage points in August, 2.5 percentage points in July and 6.5 percentage points in June.

Persons: Recep Tayyip Erdogan, Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan, Erkan’s Organizations: U.S . Federal Reserve, Bank of England, U.S Locations: ISTANBUL, Turkey, Turkish, Erdogan, Central, Ukraine

☆ Turkey's central bank hikes interest rate to 30%
▼ + stars: | 2023-09-21 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. Turkey's central bank hiked its key interest rate to 30% on Thursday, a 500-basis point jump from 25%, as Ankara continues to battle double-digit inflation. Traditional economic orthodoxy holds that rates must be raised to cool inflation, but Erdogan — a self-declared "enemy" of interest rates who calls the tool "the mother of all evil" — vocally espoused a strategy of lowering rates instead. After starting on its hiking path, the central bank in July stated its aim to get inflation down to 5% in the medium term — an ambitious forecast, as Turkey's annual inflation jumped to near 59% in August. Ankara now expects annual inflation to reach 65% at the end of 2023, up from a forecast of 24.9% a year ago.

Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan, Erdogan —, — Organizations: Turkish, greenback Locations: Ankara, Istanbul, Turkey

According to one of the bankers, 20% of the KKM accounts that were initially converted to lira from foreign currency were ended in August. Of those, around two thirds were converted back to forex while the rest moved into regular lira accounts, according to three bankers. But they said depositors were cautious about moving funds into lira deposit accounts just yet given expectations that deposit rates will rise more. More will shift into plain lira accounts - rather than dollars - as that happens, they added. But that trend halted in August at a peak of more than $15.7 billion as more KKM accounts were shuttered.

Persons: Dado Ruvic, Tayyip Erdogan, depositor, Ebru Tuncay, Daren Butler, Jonathan Spicer, Nick Macfie Organizations: Lira, REUTERS, Reuters, Thomson Locations: Ankara, ISTANBUL, forex, KKM

Since 2007, worldwide public debt has ballooned from 40% to 60% of GDP, on average, with debt-to-GDP ratios even higher in the advanced countries. That includes the United States, the world's biggest economy, where government debt is now more than double the nation's yearly economic output. Reuters GraphicsDespite mounting worries about the growth-crimping implications of high debt, "debt reduction, while desirable in principle, is unlikely in practice," Serkan Arslanalp, an economist at the International Monetary Fund, and Barry Eichengreen, an economics professor at the University of California, Berkeley, wrote in a paper. Inflation, unless it surprises to the upside over an extended period, does little to reduce debt ratios, and debt restructuring for developing countries has become more elusive as the pool of creditors has broadened, Arslanalp and Eichengreen wrote. "High public debts are here to stay," they wrote.

Persons: Dado Ruvic, Jackson, Barry Eichengreen, Eichengreen, Ann Saphir, Paul Simao Organizations: REUTERS, Kansas City Federal, International Monetary Fund, University of California, Thomson Locations: Saudi, , Wyoming, Jackson Hole , Wyoming, United States, Berkeley

One group of seven to eight bodies were found huddled together in what appeared to be a final embrace. Vegetation that was meant to offer protection to evade the Greek police turned into a death trap. The only spot of colour in the area where the bodies were found were two blue medical gloves left behind by investigators. At the morgue, Pavlidis has collected DNA samples from the bodies, the only way they will ever be identified. Fires in the area are still burning and Hatzigeorgiou fears more bodies will be found in the forest.

Persons: Pavlos Pavlidis, George Hatzigeorgiou, Hatzigeorgiou, honked, they'd, We've, I've, Adriana Tidona, Pavlidis, Lefteris Papadimas, Karolina Tagaris, Andrew Heavens Organizations: European Union, United, Turkish, UNHCR, Amnesty International, Thomson Locations: EVROS, Greece, ATHENS, Turkey, Avantas, Europe, Libya, East, Asia, United Nations

☆ Dollar rises ahead of Jackson Hole gathering
▼ + stars: | 2023-08-24 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

"But the reaction to them was pretty muted overall, suggesting the Jackson Hole symposium is the main thing on the markets' mind," he said. Elsewhere, the Turkish lira rallied to a 2-month high against the dollar, up about 6% to 25.55 against the dollar after the Turkish central bank hiked the 1-week repo from 17.5% to a much-higher-than expected 25%. According to the median estimate in a Reuters poll, economists were expecting the policy rate to increase to 20%. Turkey's central bank embarked on a tightening cycle in June after President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as governor. The dollar was 0.7% higher against the yen , not far from the 9-month high 146.565 touched last week.

Persons: Dado Ruvic, Jerome Powell's, Jackson, Stuart Cole, Powell, Cole, Patrick Harker, Susan Collins, Tayyip Erdogan, Hafize Gaye Erkan, Piotr Matys, Saqib Iqbal Ahmed, Joice Alves, Tom Westbrook, Ankur Banerjee, Angus MacSwan, Andrea Ricci, Nick Zieminski Organizations: REUTERS, Jackson, Equiti, Federal Reserve, Philadelphia Fed, Boston Fed, U.S, Turkish, Wall Street, Touch Capital, Bank of England, Thomson Locations: London, Europe, Turkish, British

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Profit-taking weighed on shares across the board, with the MSCI All Country stock index (.MIWD00000PUS) down 0.36%. Profit-taking also took hold in Europe, where European stocks (.STOXX) gave up earlier gains to edge down 0.37%. EASING YIELDSGovernment bond yields eased, adding to a sense of relief across markets. In currency markets, the dollar index, which measures the greenback against a basket of six other major currencies , added 0.474%, and remains higher over the month.

Persons: Brendan McDermid, Dow Jones, Jerome Powell, Patrick Harker, Harker, Robert Alster, Zhang Zihua, Koh Gui Qing, Tom Wilson, Julie Zhu, Kirsten Donovan, Matthew Lewis Organizations: New York Stock Exchange, REUTERS, Nasdaq, Investors, Federal, Federal Reserve Bank of Philadelphia, CNBC, Profit, Asset Management, Nvidia, Beijing Yunyi Asset Management, Brent, . West Texas, Hong, Thomson Locations: New York City, U.S, United States, Jackson Hole , Wyoming, Europe, Turkish, Asia, Pacific, Japan, China, Beijing, New York, London, Hong Kong

☆ Dollar rises ahead of Jackson Hole, Turkish lira rallies
▼ + stars: | 2023-08-24 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsLONDON, Aug 24 (Reuters) - The dollar rose on Thursday as investors awaited for U.S. job data ahead of the Federal Reserve's Jackson Hole symposium, while the Turkish lira rallied after a larger-than-expected central bank rate hike. Investors were cautious after softer-than expected data in Europe and the U.S. muddied the economic outlook sending the safe-haven dollar higher. "As the Jackson Hole symposium gets under way, market participants are looking for direction," said Isabel Albarran, Investment Officer at Close Brothers Asset Management. MORE COULD COMEElsewhere, the Turkish lira rallied, up 3% to 26.4040 against the dollar after the Turkish Central Bank hiked the 1-week repo from 17.5% to a much-larger-than expected 25%. Turkey's central bank embarked on a tightening cycle in June after President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as governor.

Persons: Dado Ruvic, Jackson, Jerome Powell, Isabel Albarran, Tayyip Erdogan, Hafize Gaye Erkan, Piotr Matys, Moh Siong Sim, China's, Joice Alves, Tom Westbrook, Ankur Banerjee, Angus MacSwan Organizations: REUTERS, Federal, Turkish, U.S, Investors, Investment, Asset Management, Turkish Central Bank, Wall Street, Touch Capital, British, Bank of England, PMI, Singapore, Thomson Locations: Europe, London

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 23, 2023. U.S. stocks ended sharply higher on Wednesday and shares of Nvidia jumped nearly 10% in trading after the bell, hitting an all-time high. EASING YIELDSGovernment bond yields eased, adding to a sense of relief across markets. Euro zone yields hit multi-week lows with Germany's 10-year yield 1.5 bps lower at 2.50%, having touched a 2-week low of 2.448%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 1.5% higher, also lifted by Nvidia's bullish outlook.

Persons: Chipmakers, Jerome Powell, Robert Alster, Zhang Zihua, Tom Wilson, Julie Zhu, Toby Chopra, Kirsten Donovan Organizations: REUTERS, Staff, Federal, Asset Management, Nvidia, Beijing Yunyi Asset Management, Thomson Locations: Frankfurt, Germany, Jackson Hole , Wyoming, U.S, Turkish, United States, Asia, Pacific, Japan, China, Beijing, London, Hong Kong

☆ VIEW Turkey cements policy shift with super-sized rate hike
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. "We should recall that sudden changes in interest rates usually have a delayed effect. "This was also the steepest rate hike since the CBT management reshuffle after the elections in May. We think the strong rate hike meant to address market concerns that the CBT wanted to avoid significant rate hike." TIMOTHY ASH, BLUEBAY ASSET MANAGEMENT, LONDON"Really solid move by the CBRT (central bank) to hike policy rates arguably above expectations by 750bps to 25%."

Persons: Cagla, GRZEGORZ DROZDZ, TIMOTHY ASH, 750bps, Hatice Karahan, Hatice Gaye, PIOTR MATYS, Governor Erkan, Erdogan, LIAM PEACH, Erkan, OZKARDESKAYA, SWISSQUOTE Organizations: Turkey's Central, REUTERS, Reuters, Thomson Locations: Ankara, Turkey, Turkish, EMERGINGMARKETWATCH.COM, SOFIA, GENEVA

☆ Turkey’s Central Bank Raises Rates to Near Two-Decade High
▼ + stars: | 2023-08-24 | by ( Aaron Boxerman | ) www.nytimes.com time to read: +1 min

Turkey’s central bank raised interest rates to 25 percent from 17.5 percent on Thursday, a big jump that underscored a shift by the country’s president, Recep Tayyip Erdogan, toward a more orthodox monetary policy to control inflation that exceeded an annual rate of 80 percent last year. The size of the increase, which put the benchmark rate at its highest level since 2004, was bigger than expected, exceeding forecasts from financial analysts, who had predicted a more modest jump after July’s 2.5 percent rise. After the announcement, the Turkish lira quickly rallied, briefly rising more than 7 percent against the U.S. dollar. It was trading at 25.6 per dollar by early evening in Turkey. In a statement, the Turkish central bank said it had “decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior.”

Persons: Recep Tayyip Erdogan, “ Organizations: U.S . Locations: Turkish, Turkey

Search resuls for: "Turkish Lira"

25 mentions found