Market Pulse - Asia
Indonesian central bank surprises with rate hike as rupiah nears five-year low
Indonesia's central bank surprised market watchers on Wednesday, hiking its main policy rate unexpectedly, despite what some economists said was a backdrop of continued weak economic growth and subdued inflation.
KEFI Minerals prepares for development at Ethiopian asset
AIM-listed copper ores company KEFI Minerals has appointed itself a new head of project implementation as the company ramps-up preparations for the development of its Tulu Kapi gold project in Ethiopia.
Chinese economic data for July prints well below forecasts
A raft of economic indicators released overnight in China printed below forecasts, pointing to sustained weakness in growth in the Asian giant until mid-2019, economists said.
Likelihood of capital controls in Turkey rising, Jefferies says
The likelihood that Turkey will impose some degree of capital controls is rising with each passing minute, given President Recep Tayyip Erdogan's refusal to allow the central bank to hike interest rates, analysts at Jefferies said.
Asia report: Markets mixed as Turkish instability continues
Markets in Asia finished in a mixed state on Tuesday, as traders looked past recent trans-Pacific trade tension and global focus remained on a stuttering Turkey.
Turkish lira rebounds but strong dollar still a threat for emerging markets
Turkey's lira bounced back on Tuesday morning but after jitters spread to India, Argentina and South Africa analysts warned that emerging markets would continue to be tested by the strong dollar.
Commodities: WTI lower after US rig count data, gold threatens drop below $1,200/oz.
Commodities saw almost across-the-board declines at the start of the week, with oil futures weighed down by further gains in the US dollar, predictions for increased supplies and a jump in the US oil rig count.
Europe midday: Renewed slide in Turkish stocks and currency dents sentiment
Stocks across the Continent are weaker, with investor sentiment taking another hit after Turkey's President, Recep Tayyip Erdogan, dismissed the possibility of interest rate hikes at the weekend.
FX round-up: US dollar eases back after early surge to fresh 52-week high
Sterling is off its lows of the session, with traders wary of extending themselves too much, lest recent US dollar strength suddenly unwind.
Chinese PBoC shifts stance in July, leans on lenders
China's central bank shifted its stance last month, leaning on the country's lenders to increase their loan volumes as Beijing seeks to offset weaker growth and the impact from frictions with its largest trading partners.
Sector movers: Miners find a bid despite US dollar strength
Commodity-related stocks were on the front foot at the start of the week, buoyed by the release of data in China that some analysts suggested might show that the authorities had "switched stance" and that the country's central bank had been leaning on the country's banks to lend more.
Sector movers: Miners down on reports of Russian tax, rout in EM FX
The roof caved in on steel stocks Evraz and Ferrexpo at the end of the week following a report that some Russian authorities favoured increasing taxes on mining companies and after the US raised steel tariffs on Turkey.
Turkey's Erdogan entrusts country to divine providence amid currency rout
Turkey's President did not deliver any policy-relevant remarks on Friday, instead invoking God, telling an audience at a public rally he wanted to put their well-being in the Creator's hands.
Russia threatens to ban rocket engine supply to US in response to sanctions
Russia has threatened to restrict the sales of rocket engines to the United States in response to sanctions over a former Russian agent’s poisoning in the UK in March.
FX round-up: Turkish lira plummets amid speculation emergency rate hike imminent
The biggest price action in the foreign exchange arena on Thursday was in the Emerging Markets space, amid speculation that Ankara might be forced into an emergency rate hike as soon as Thursday evening, although the standard central bank playbook was for the monetary authority to wait until the weekend, hopefully giving it time to explain its actions to market participants.
Commodities: WTI dips, UniCredit sees scope for powerful 'short covering' in copper
Commodity prices slipped on Thursday, amid slight losses in the energy complex, with trading in the main metals contracts mixed.
Turkish lira withering under pressure from Washington
The souring of Turkish and US relations on Thursday sent the Turkish lira to a record low in London trading, with the currency plunging over 3% to 5. 4385 per US dollar, after an unnamed US official said that a Turkish delegation had on Wednesday refused to commit to the release of American pastor Andrew Brunson, who is being held on charges of espionage.
Asia report: Most markets higher as China confirms more retaliatory tariffs
Markets in Asia were mostly higher on Thursday, as Chinese indices rebounded once again amid ongoing tariff-based trade tensions between Beijing and Washington.
China July CPI prints ahead of forecasts, but factory gate prices edge lower
Higher oil prices boosted the cost of living in China last month, but analysts continued to forecast lower inflation going forward, despite trade tariffs and the recent sharp weakening in the country's currency, the yuan.
Europe midday: Russian and US stocks in focus amid geopolitical headlines
Stocks on the Continent are on the back foot come midday in lacklustre summer trading, albeit amid significant volatility in Russian and Turkish assets, especially in foreign exchange markets.