The impact of the Istanbul mayor elections at the end of March, when President Recep Tayyip Erdogan's party lost to the CHP party, are now beginning to show as Erdogan and his party refuse to accept defeat. This lack of acceptance, according to Bloomberg, has put a dent in consumer and business confidence.
The Konjunkturforschungsstelle Swiss Institute for Business Cycle Research released the KOF Leading Indicator for August this morning. The indicator -or barometer as it is often referred to - which captures the movement of GDP growth and the economic trend in Switzerland, showed the same reading as July.
After the Queen approved the Prime Minister's plan to suspend parliament yesterday, legal battles over this plan have begun to stack up, "with the first case filed by Brexit opponents to be heard in an Edinburgh courtroom," Bloomberg said.
As investors keep a keen eye out on trade war developments between the U.S and China, stocks, oil prices, and currency are just three markets that are being affected.
The trade war between the U.S and China heated up over the weekend, with China announcing it would apply new tariffs on imported goods from the U.S and President Donald Trump responding by raising rates on nearly all Chinese imports.
Yesterday the Sterling jumped more than half a cent, to nearly a one-month high, according to Reuters. This jump came after French President Emmanuel Macron said that the Brexit deal can be amended during a visit with U.K. Prime Minister Boris Johnson.
After economists at Barclays PLC looked over their outlook for central bank rates and growth across major economies, their latest forecast is that the Federal Reserve (Fed) may go ahead with three further quarter-point cuts this year.
U.K. Prime Minister Boris Johnson announced to the European Union that he is keen to look into different ways to "prevent a hard border on the island of Ireland", according to Bloomberg.
On Saturday, a drone attack on Saudi Arabia by Yemen's Houthi rebels caused a fire to erupt in a Saudi oil and gas field. This morning we are seeing the results of this attack on crude oil prices, which have seen a rise.
According to Euronews "brent crude <LCOc1> was up 45 cents, or 0.8 percent, at $59.09 a barrel at 0035 GMT, and U.S crude <CLc1> was up 39 cents, or 0.7 percent, at $55.26 a barrel."
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- Swiss government raises 2019 GDP growth forecast to 0.9% from 0.8% previously
- Fed keeps rates on hold, points to 'favourable' economic outlook next year
- German consumer price growth stabilised in November
- French consumer prices rose by 0.1% in November, as expected