Turkey’s lira sank, an equity selloff triggered a trading halt, and government bond yields surged to the highest levels this year as investors dumped the nation’s assets after the arrest of a Istanbul’s mayor Ekrem Imamoglu, key rival to President Recep Tayyip Erdogan. The lira plunged more than 10% to new record lows on news of the arrest early on Wednesday. The benchmark Borsa Istanbul 100 Index was also down, with the banking sub-index dropping. The declines were the worst in the world among respective asset classes. German lawmakers passed a landmark spending package that could unlock hundreds of billions of euros in debt financing for defense and infrastructure and heralding the end of decades of budget austerity. The legislation will head to a vote on Friday at the Bundesrat, where Germany’s 16 federal states are represented.
The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards and Guy Johnson.
Chapters:
00:00:00 – Opening Trade
00:01:53 – Putin Refuses Ukraine Ceasefire
00:04:15 – Germany Spending Bill: Bundestag Approves Vote
00:07:32 – Fed Decision Bets
00:08:40 – BOJ Holds Rates: BOJ’s Ueda Speaks
00:11:06 – Nvidia’s New Chip Release
00:15:01 – ‘Fed Put’: Will Powell Deliver?
00:18:45 – ABP Invest CIO: Expect Hawkish Fed
00:26:35 – Germany’s Spending Plan Passes Parliament
00:34:14 – Turkish Lira Losses Hit 10%
00:41:52 – Turkish Markets Sink Most in the World
00:45:39 – European Markets Open
00:51:04 – Erdogan’s Main Rival Imamoglu Detained
01:03:07 – UBS CEO Ermotti at Morgan Stanley Conference
01:06:28 – Citi Cuts Bonuses
01:11:43 – Stoxx 600 Slips After 3 Days of Gains
01:19:44 – Putin Spurns Ukraine Ceasefire Talks
01:29:39 – Fed’s Rate Decision
——–
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