Mayoral elections were held yesterday again in Istanbul, Turkey, after the results in March were annulled because of alleged voting irregularities in the process, according to the AK Party, the opposing party.
Last night’s results were the same as those in March, that Ekrem Imamoglu of the Republican People’s Party (CHP) is now the new mayor of Istanbul. This result comes as a blow to Tayyip Erdogan, whose party lost by almost 800,000 votes.
Asian stocks slipped
yesterday as fears of military confrontation in the Middle East Gulf were
raised after Iran shot down a U.S military drone, according to Reuters.
Tension between Iran
and the U.S is already high but the fact that President Donald Trump ordered a military strike against Iran after the drone incident, and then called it off
has raised the tension bar even higher. This news is in alliance with the New
The following figures
were released by Reuters this morning to show how the markets have reacted to
the escalated political tension.
Federal Reserve (Fed) Chairman, Jerome Powell announced in a press conference yesterday that interest rates will remain the same “but indicated that it could soon cut them as economic risks mounted and inflation remained stuck below target,” according to the New York Times.
Due to continuing trade tension and slowing global economic growth, a number of officials on the Fed’s policymaking committee expect to lower rates before the end of the year.
The social media
giant, Facebook Inc, is planning to release its very own cryptocurrency, named
Libra, by next year. The hope is that the Libra will be traded on a global
scale in the future.
According to reports
by Bloomberg, Facebook has said that the goal is for the cryptocurrency to be used
in everyday transactions and that Libra will not only be better than Bitcoin,
but it could even one day rival the US Dollar.
Alastair Marsh of
Bloomberg news said that this is a “really big deal, not only for crypto but
potentially for the global financial economy as well.
According to a report
by the British Chambers of Commerce (BCC) business investments across the UK
are coming to a halt and the economy is forecasted to see zero growth in the
As mentioned in
Parliament on Monday, the Bank of England’s forecast states that there is a one
in four chance of the UK economy dipping into recession. The manufacturing
sector is already in recession as stockpiles are now stagnant because Brexit
has not yet been settled, with car manufacturing down five percent in the last
quarter. This means that jobs and investments have been cut.
A few months ago,
predictions were that the oil market for 2020 would be the one to look out for
as “many market commentators predicted
that if $100/bbl-oil was going to make a comeback, it would happen in 2020,”
according to Bloomberg. But the release of the first official assessment of
2020 by the International Energy Agency on Friday shows persistent surpluses
could be accumulated next year. This does not indicate rising prices, which were
previously predicted and the reason why investors kept a keen eye on the oil
German exports fell
by 0.5 percent from April 2018 to April 2019, according to the Trade Balance
report released by the Statistisches Bundesamt Deautschland
The overall German
export value for the month of April 2019 was estimated to be 109.7 billion euros,
while the value of imported goods stands at 91.7 billion euros. In contrast to
German exports, imported goods increased by 2.1 percent in April 2019 year on
year. “After calendar and seasonal
adjustment, exports were down 3.7 percent and imports 1.3 percent compared with
March 2019,” the report states.
withdrew its proposal to merge with French automaker Renault due to the lack of
political conditions that would ensure a successful deal.
The talks between the
two automobile companies have been going on since May and after a series of late-night
meetings, the French government requested a vote for or against the merger to
The French government
owns 15 percent of Renault and as it did not see assurances on a number of
matters, including job security, it hoped for more time to complete the merger.
The hot topic lately
in the news is trade. During President Donald Trump’s state visit to Britain
and his meeting with Prime Minister Theresa May, he encouraged the UK to get Brexit
over with so that the U.S and the UK could come to a trade deal. According to
Bloomberg, Trump said that a deal would triple trade between the two countries.
In other news,
Chinese President Xi Jinping said that China’s economy is stable, healthy and
well placed to meet all risks and challenges, according to a transcript
published by the Xinhua news agency just before Xi’s state visit to Russia.
The British Retail
Consortium (BRC) released its Like-For-Like Retail Sales report, which measures
changes in the actual value of retail sales from participating companies with
invaluable management information on a regular and reliable basis. For May this
report showed retail sales dropped by 2.7 percent, which is the biggest drop
This drop can be
explained, in part, by the fact that last year the UK saw lots of sunshine
around this period, the World Cup was on and the royal wedding gave everyone
something to cheer about, giving people more incentives to spend.