China’s central bank PBOC warns against yuan speculation

The Chinese yuan weakened past the closely-watched 7.2 level against the greenback this week. Getty Images BEIJING — The People’s Bank of China has warned against betting on the yuan, after its rapid decline against the US dollar this week. “Do not bet on a one-sided appreciation or deprecation of the renminbi exchange rate,” the … Read more

Bitcoin (BTC) price surges to top $20,000 even as stocks hit 2022 lows

Bitcoin continues to trade in a tight range of $18,000 to $25,000 mark, keeping investors on edge about where the price is going next. The crytpo market has been plagued with a number of issues from collapsed projects to bankruptcies. Nurphoto | Getty Images Bitcoin briefly topped $20,000 on Tuesday, hitting its highest level in … Read more

Pound tanking, massive tax cuts and talk of emergency rate hikes

Britain’s Prime Minister Liz Truss and Britain’s Chancellor of the Exchequer Kwasi Kwarteng. Dylan Martinez | afp | Getty Images LONDON – The first fiscal policy announcement from the new British Prime Minister Liz Truss’s government has been met with one of the most pronounced market sell-offs in recent history. The British pound hit an … Read more

Brent crude slides below $85 a barrel as dollar surges

An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States. Tayfun Cosku | Anadolu Agency | Getty Images Brent crude fell below $85 a barrel Monday, recession fears weighed and the US dollar surged. Brent futures for November settlement were trading down over 1% around $84.92 at 8 am … Read more

Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken

Sterling hit a record low. Matt Cardy | Getty Images Critics say those economic measures will disproportionately benefit the wealthy and could see the UK take on high levels of debt at a time of rising interest rates. “[It] doesn’t seem like the UK government is throwing the market a bone here in terms of … Read more

Britain’s lurch to Reaganomics gets thumbs down from markets

Truss has now put the country on an economic road completely at odds with most, if not all, major global economies. Hannah Mckay | Reuters LONDON — New UK Prime Minister Liz Truss may have talked big on “trickle-down economics” during her campaign trail this summer, but no-one could have predicted the swathe of tax … Read more

From the Fed to Europe’s currency crisis, here’s what’s behind this selloff in financial markets

Trader on the floor of the NYSE, June 7, 2022. Source: NYSE Stocks fell sharply, bond yields rose and the dollar strengthened Friday as investors heeded the Federal Reserve’s signal that its battle with inflation could result in much higher interest rates and a recession. The sell-off Friday was global, in a week where the … Read more

Mass protests in Iran is the regime’s biggest challenge in years

A protester holds a portrait of Mahsa Amini during a demonstration in support of Amini, a young Iranian woman who died after being arrested in Tehran by the Islamic Republic’s morality police, on Istiklal avenue in Istanbul on September 20, 2022. Ozan Kose | AFP | Getty Images Protests rocking Iran over the death of … Read more

Turkey cuts interest rates again despite 80% inflation

Russian tourists to Europe decreased dramatically over the summer, but rose in several other destinations, including Turkey (here). Onur Dogman | Soup Images | Lightrocket | Getty Images Turkey’s central bank surprised markets once again with its decision Thursday to cut its key interest rate, despite inflation in the country surging beyond 80%. The country’s … Read more

Liz Truss pursues ‘trickle-down economics’ despite scorn from Biden

British Prime Minister Liz Truss and US President Joe Biden formally met for the first time at the United Nations General Assembly in New York City, following clashes in economic policy between the two leaders. Wpa Pool | Getty Images LONDON — The British government is set to announce sweeping tax cuts for businesses and … Read more