does and this creates a dilemma for the central bank because the macro economic fundamentals of turkey do allow the central bank to cut rates so they need to cut rates but the problem is they have a history of what looks like political interference they didn't raise rates in 2017 they suspended report gratian earlier this year and it raises questions over every single rate cut they make markets are going to be asking is this justified by the fundamentals or is it politically influenced so if they cut rates too fast they risk creating another layer a crisis of the sort that we saw earlier this year and considering how fragile global investor risk sentiment is right now it creates a very dangerous situation for the lira drunkard's market and us is of money thank you. now it's a dispute that could affect global tech supply chains the route between japan and south korea the 2 countries cannot agree on compensation for forced labor during the 2nd world war tokyo has now decided to impose controls on exports destined for his neighboring country south korea. it's a controversial and painful i

to 19.75 percent it's an interesting twist in turkey's monetary policy just over 2 weeks ago turkish president richard type add one file to the central bank chief because he had refused to follow his demands for no rates well now his successor has complied but what does that mean for the status of turkey's central bank is it independent or just a poor woman at once power play a question many investors stropping raise. from brand new subway lines to the inauguration of a new bridge across the bottom spruce and a gigantic mosque wretch of type everyone is keen to work with supreme always eager to praise turkey and its economic might. but the country has been experiencing a long term slowdown a major factor has been investors scared off by the country's worsening image on human rights the lira has been on a turbulent ride over the last few years. but everyone hasn't been slow to lay the blame and recently attacked the central bank for failing to lower interest rates. for use their nuclear. war. heard there was a person who was not conforming to instructions given on the subject of monetary policy this mother of all evil called interest rates

lira slid by more than 2 percent against the dollar during monday trading after the head of turkey's central bank was sacked no official reason was given for murat said in cairo but it's thought turkish president other one was frustrated by the bank's decision to keep interest rates on hold the turkish government has been pushing for them to be cost analysts predict the central bank could start easing monetary policy at its meeting later this month. we're now joined by ranko barrett she's head of market analysis at money explain europe and joins us from london runkle what does this mean now for the lira is it healthy enough. so if you look at the lira today it looks like markets are giving the central bank the benefit of the doubt and i think this has a lot to do with the global expectations for easing from central banks it creates a hunt for yield and guess walk into the treasury has a lot of yield at the moment but i think really the main issue is that it exists abates the turkish central banks problem with credibility we still don't really know if the central bank will set monetary policy to f

and to another much awaited rate decision turkey central bank has slashed the key interest rate by $4.00 points the announcement has come 2 weeks after a turkish president. on fire the central bank chief because he had refused to bow to pressure for lower rates. germany has just had its hottest day on record the heat wave and the accompanying lack of rain means another year of struggle for german farmers throughout the country they're expecting a bad grain harvest in the eastern state of brandenburg the situation is especially dire. it's hot and dry here in eastern brandenburg and it has been for weeks the farmers don't know harvesting as fast as they can before their crops are ruined they've been that it for more than 12 hours. we have to start early and workers long as possible into the evenings. theme of advanced office a farmer and he isn't pleased this year like last year he estimates his right harvest will be far below average due to the long dry spell the smaller plants can't even be used but i. think when the heads may be big but there wasn't enough water to form the roots there'

thursday, rate decisions from the ecb and turkeys central bank.nd, second-quarter gdp right here in the united states. still with me, lisa hornby, gershon distenfeld, noelle corum. let's look ahead to the ecb. a really interesting meeting that many people expect president draghi to be teeing up a rate cut in september. what is your base case? noelle: he is probably likely to leave the door open, but we think we are calling for a q3 cut, and qe, too. we might get a little bit of details on the purchase program. that is where we would be focusing as he comes up. jonathan: any idea on what they might buy? the same as before or broaden the parameters? noelle: i think they will broaden things a little bit. just because only so much they can buy without significantly moving markets. in terms of the underlying details, that is still yet to be seen. lisa: i would agree with that broadly. i think they open the door next week to the september meeting , where they unveil bigger policy. there is probably going to be some tiering of deposit rates, there could

he expects shopper interest rate cuts from the central bank claim such moves will bring down inflation many investors worry about the independence of turkey's central bank finance minister is the son in the war of president richard ty a better one who's pushed for lower interest rates to jumpstart the economy alice say lowering interest rates to fight inflation makes little sense in turkish lira weaken slightly after about ox comments. by a has revealed it's now facing over 18000 legal cases in the u.s. over a hope a side that's alleged to cause cancer it was a risk the german chemicals firm took when buying its american rival monsanto which produces the weed killer now by says it's unlikely to achieve this year's profit goal. it's been the subject of protests around the world in recent years the heaviside life is eighty's causing by a major headache for thousands of people in the u.s. say the effect of the chemical for them has been even worse a wave of lawsuits has fallen on buyers since its $63000000000.00 takeover of monsanto the maker of weed killer round of which contains clive a site in the 1st handful of those cases to go to court j

turkey's central bank is also deciding today. how sharply bit about the central bank is prepared to make. president are the one that. is best president arterburn installed a new -- president erdogan installed a new governor after firing the previous one. joining us now to discuss this is yacov arnopolin from pimco. great to have you here, especially on a big day like today here for turkey. what do we expect from the new central bank had? yacov: it will be interesting. i thinkat bloomberg, the median is 250 basis points 21.5.s, from 24 to it is difficult to gauge from turkey. let's us say 350 basis points priced in, what people are looking for is exactly what this means for the future path of policy and how much this will be a break with the previous governor. francine: will it spark a fresh eurocrisis? yacov: -- a fresh lira prices? yacov: it depends. people anticipate that this will .e a really dovish central bank i think the reality is that the market will be much more dismissed of these moves as long with thise a backdrop gaun

coming up, more on turkey's central bank shock. president erdogan abruptly ousting the central bank governor over the weekend. we will discussed the latest move -- we will discuss the latest moves in turkey. this is bloomberg. ♪ ♪ guy: from frankfurt, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." we are just a little into the monday session. abigail doolittle is with us. abigail: starting off the week with a little bit of a risk off tone. the s&p 500 and the nasdaq in the u.s. down for a second day. the s&p 500 down about 4/10 of 1%. the tech heavy nasdaq underperforming, down about 8/10 of 1%. tech the worst sector of the day for the s&p 500 and the nasdaq. the german dax down just slightly. the risk off session really started in the asian session. investors selling that shanghai composite. let's check on a chart we haven't looked at any while. in yellow we have the shanghai composite, in white the s&p 500, blue the german dax. beginning of the year, risk on rally, all up about evenly. then

society general, credit agricole reverse their call for gains in the lira falling the ousting of turkey central bank governor. we discuss emerging markets. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i'm nejra cehic in london. manus: i'm manus cranny in dubai. the removalmarkets, of turkey central bank governor and the u.s. interest rates cut cycle clouded risk assets. president erdogan replaced his governor fueling concern about the independence. morgan stanley doubled down on their emerging-market bets. they are reiterating investors should buy the dips. eric lonergan is from m&g investment. we've got banks mailing on their long lira bets. and you can is gone expect a rate cut july 25. you would suggest that the carry negative trump this rhetoric at the moment from these three houses? eric: absolutely. for me, it is not a intellectual breakthrough to observe the turkish central bank isn't independent. this is an ongoing part of what has been happening in turkey. we know there are fundamental issues and problems in terms of governance from a monetary policy standpoint but that

a dismissal by presidential decree for the governor of turkey's central bank leads our global report today as president crosses a new line in his push for lower interest rates the turkish president's move was announced on saturday which named deputy governor murat always fall to the top post while mr statement cited no reason for the firing the turkish president newspaper to her yet claims that he told legislators from his ruling party what may already surmised the president bar the governor because he rebuffed mr push for lower interest rates the. turkish lira was down by more than 2 percent in early morning trading on monday on the news is also on monday i'll leave a founding member of the a k party who effectively held the government's economic portfolio for over 10 years said that he is founding a new rival political movement. and other banking irregularity news india's punjab national bank is claiming it was the victim of fraud after their $556000000.00 loan to bush on power and still went shares in the partially owned state owned by 11 percent on monday after the weekend announ

a dismissal by presidential decree for the governor of turkey's central bank leads our global report today as president crosses a new line in his push for lower interest rates the turkish president's move was announced on saturday which named deputy governor murat ois sall to the top post while mr statement cited no reason for the firing the turkish president newspaper to her yet claims that he told legislators from his ruling party what may already surmised the president by the governor because he rebuffed mr push for lower interest rates the turkish lira was down by more than 2 percent in early morning trading on monday on the news also on monday i'll leave public on a founding member of the a k party who effectively held the government's economic portfolio for over 10 years said that he is founding a new rival political movement. another banking a regular. the news in years punjab national bank is claiming it was the victim of fraud after their $556000000.00 loan to bush on power and still went shares in the partially owned state owned by 11 percent on monday after the weekend i k

weighing in on powell's job security and central bank independence among other things steve liesman is here with those details. >> melissa, the firing of tur y turkey's central bank chief and president trump's consistent throats to fire or demote the chairman of the fed sparked a controversy over whether the central bank is and should remain independent larry kudlow weighed in, saying he believes the fed should be independent. >> that word independent, i mean, it doesn't mean they operate from another planet. the fed reports to congress. and that's in the constitution and the fed is appointed or the governors are appointed by the president. so i think that in a day-to-day sense certainly they're independent, but that doesn't mean that they shouldn't listen to advice from their elders. >> that advice from their elders, from the president, also from kudlow, was for the fed to cut interest rates to accelerate growth, with both going further than their predecessors and the clinton, bush, and obama administrations in offering advice to the fed. leading them to write in a recent piece, the heyday of central bank independence now lies behind us in a world o

coming up, turkey's central bank governor ousted by president erdogan. move pushing down the lira and escalating investor fears. that is next. this is bloomberg. ♪ ♪ most of us don't know how much data we use, but we all know we're paying too much for it. enter xfinity mobile. america's best lte with the most wifi hotspots, combined for the first time. when you're near an xfinity hotspot, you're connected to wifi, saving on data. when you're not, you pay for data by the gig. use a little, pay a little. use a lot, just switch to unlimited. get $400 back when you buy the new lg g8. call, visit or click today. renita: i'm renita young. let's get to the first word this afternoon. california representative eric swalwell's campaign has scheduled a news conference for 1:00 pacific time at his northern california headquarters. the announcement is feeding speculation the congressman may leave the democratic presidential race. small well has struggled to raise money or gain traction in the polls. he made the cut for the first debate in late june but his prospects

you are looking at live pictures of turkey's central bank presentation.at presentation on a quarterly inflation report. year end inflation is estimated at 13.9% nurses 13.6%, previously. every little helps. bnp paribas has outshone its rivals in fixed income trading. they posted gains for a second straight quarter, putting them ahead of wall street and european peers. bloomberg spoke with the ceo about the revamp. if you look at the evolution, we accelerated our civ transformation plan. -- cib transformation plan. it is on that that we started to see the benefits. on fixed income, we saw a pickup and a strong contribution to first quarter which was confirmed. when we look at equities, it remains a bit lackluster. and we had come on top of that, a strong quarter. so yes, we feel comfortable that the acceleration that the plan is bearing fruit. >> do believe the lackluster environment will remain in the second half? >> it is difficult for me to foresee, but when you see in this kind of activity and with low interest rates, you would assume there will be a p

andy fight for central-bank independence. turkey's central bank head is fired.rump keeps the fed chair in balance. and the where another tantrum. jp morgan warns of a bond selloff that could drown stocks as big banks turn wary on the next catalyst. david: welcome to "bloomberg daybreak" on this monday, july 8. we talked about deutsche bank and the numbers, but we shouldn't overlook the fact that there are real people involved here. alix: real 18,000 people, if they wind up cutting all that they've said. here's some pictures we can show 's leaving ther london office with just the stuff in their box. this looks very much like lehman brothers 10 years ago, when you had everyone leaving the office is on that monday. the irony is this is going into a bull market, whereas lehman was really kicking off a spark. david: people know they have lost their jobs. it is tragic. a lot of people will just not know what their future is. we don't know all of the 18,000. area.what regions, what the ceo and cfo will speak a little later on. in the markets, it is a very calm, wait an

taylor: coming up, president erdogan fiers the central bank governor. turkeys not the only country where --this is bloomberg. ♪ romaine: the turkish lira edging lower today after president erdogan unexpectedly fired the central bank chief, saying he was tired of waiting for a rate cut he's been waiting for months. president trump re-upped his attacks on fed chair powell. here to take us all through this -- vincesecond row sacorella. i look back to the base care last year where he jumped, why do you think the market was more willing this time? >> we kind of saw it coming. it was telegraphed by her to want. -- by erdogan. the situation in turkey has stabilized someone. inflation has been under control. the heir apparent is clearly not going to be making any unwise decision going forward and you --e to think erdogan will be the interest rates. taylor: erdogan in some ways has been proven right that he's not building interest rates and the prices have come down. vincent: a lot of people say they didn't know inflation will get this low in turkey. you can sort of ar

good to have you with us a big change in turkey where the central bank reduce the interest rates by 4.25 points today investors and analysts have been watching with keen interest because just over 2 weeks ago turkish president wretch of type add one fired the central bank chief because he had refused to follow his demands for lower rates some say at a one has a point the interest rate is currently or was set at a whopping 24 percent but interference like that is a dangerous game investors see a truly independent central bank as vital for a stable economy. well for more on that i'm joined now by craig allen senior market analyst at or wonder in london good to have you with us craig what can we just say that add one practically demanded a great car to even sacked the previous central bank chief because he wouldn't comply how problematic is this kind of political interference in monetary policy well it's extremely problematic is the reason why in central banks are independent if the politicians or effectively dictating monetary policy the naturally you are busy going see attempts by certain

central bank and control of inflation. if you don't have these factors, investors within turkey and outside are not going to be willing to investget to the broader theme of central bank independence in a moment. we have the central bank governor in charge for the time being, what does this mean? >> it means uncertainty, because if the governor is back, the next person is, would i be the next? alternative, i obey to what the president says, and it is a wrong signal to the market. so the damage is done, and it will not be rectified in the short-term matter who will be in charge of the central bank. shery: let's talk about the central bank independence we have been talking about because this is not only threatened in turkey but also here in the united states, trump again tweeting about the fed, talking about a strong u.s. jobs data but saying the federal reserve doesn't have a clue. he goes off on the central -- going into the most difficult problems, not our competitors, it is the federal reserve. has the heyday of central bank independence died? is it already gone, and what does it mean to the markets and investors around the wo

again, the currency could lose ground of people dow the central bank of turkey's credibility. shery: kathleen, what does it mean when we see central bank independence threatened in turkey, the u.s., anywhere in the world? what does it mean for investors? kathleen: one of the top guys at pimco in a note this weekend said that in fact if trump, for example, but the fed in a very difficult position, because they might feel that they cannot cut rates now, when they have to prove to everyone they are independent, in fact, he sees a new normal of dependent central banks, lower interest rates, and more quantitative easing than we would see other was, which is something investors are going to have to get used to. i do not think that is a really down conclusion yet with the federal reserve, jay powell of course maintains his independence. a couple of more years before donald trump has a chance to make another choice. but it is certainly something that people are talking about, and studies for years have shown that independent central banks show the best results for the economy and the m

turkey's central bank made the biggest policy rate cut on record. kathleen hays is here.et's get started with the ecb. it is worried enough to cut the rate but not just yet. kathleen: not just yet but something very strong signal that it is getting ready to do so. it is studying the landscape, trying to figure out what it will need to do before it does it. when you hear the head of the european central bank come out of this meeting were so much is -- the manufacturing sector across europe and particularly in germany, europe's biggest economy, our weakening not just a lot -- are weakening not just a lot but quickly, it is worrying to hear him say things are getting worse and worse. >> generally speaking, you have resilience in the service sector . at the same time, this outlook is getting worse and worse. getting worse and worse in manufacturing especially, and it is getting worse and worse in this countries where manufacturing is very important, but because of value changes, this propagates all over the eurozone. kathleen: europe's economy was weakening. the purchasing ma

we look at the ecb decision and turkey's central-bank meeting since the ousting of its former governore week will be u.s. gdp on friday with economists expecting the world's largest economy to slow to the weakest pace in two years. paul: thanks. earnings season is in full swing. the rest of this weekend will mark a remarkable anniversary. 50 years since the apollo 11 landing on the moon. the space race was driven by a rivalry between the u.s. and russia. things have certainly changed in the past five decades. let's take a look. ♪ in the half-century since man first walked on the moon, the space race has fundamentally changed. it used to be a battle between the u.s. and the soviet union but now most new missions are by private companies. the number of objects launched into outer space has also skyrocketed. in 1957 to over 450 last year. while space mining might still sound like science fiction, industry is using satellites incompletely different ways. companies can monitor the parking lots of retail outlets to get data on footfall months before official releases. commodity companies are

to turkey now where the central bank is expected to make a statement about interest rates later today to out investors and analysts are watching with keen interest because just over 2 weeks ago the turkish president at a bonfire of the central by chief because he had refused to follow his demands for lower rates some say as a point the interest rate is currently set at a whopping 24 percent but it's a dangerous day investors see a truly independent central bank as vital for a stable economy at a one though doesn't seem to care. from brand new subway lines to the inauguration of a new bridge across the boss bruce and a gigantic mosque wretched type everyone is keen to work with supreme always eager to praise turkey and its economic might. but the country has been experiencing a long term slowdown a major factor has been investors scared off by the country's worsening image on human rights the lira has been on a turbulent ride over the last few years. but everyone hasn't been slow to lay the blame and recently attacked the central bank for failing to lower interest rates so you would bu

rishaad: a quick word on central banks. turkey of course with its very , and the biggie, european central. do atan the central bank the end of the day? negative rates, you need fiscal policy. that's another nightmare. i completely sympathize with your sentiment here in terms of there is not much ecb can do. we do know draghi has a great track record of delivering the message.vish even though it seems like it will only be incremental policy, even though they might move rates down a tiny bit further the rest of this year, and really it is a marginal move given how deeply negative it is, draghi has been very successful. when he wants to deliver a dovish message, he can do it. there won't be concrete measures, but it will be very dovish. i think he will say that we stand ready to keep pumping liquidity as much as we need to. perhaps the mower exciting one is the turkish one. the range of estimates on bloomberg are from 50 basis points cut to the 800 basis points cut they are all over the place. it is a very hard line for the new gover

turkey's president erdogan has fired the central bank governor checked in cairo he's been frequently criticized by the president for not cutting interest rates in response to turkey's economic downturn. has been replaced by his deputy. have been held for the 14 russian seamen who died in a fire on one of the navy's research submersibles the men were buried at a cemetery in st petersburg details of monday's blaze are still scarce the defense ministry said the sailors were killed by toxic fumes from the fire. a team of swiss scientists says planting one trillion trees would be enough to absorb the c o 2 emissions that are fueling the world's climate crisis the trees would cover a landmass the size of the united states but they say it's no substitute for using less nonrenewable energy sources. but if venezuela's president nicolas maduro and opposition leader have backed rival visions for the country on its independence day the 2 held separate rallies in the capital caracas earlier $22.00 political prisoners were released but hundreds remain in custody has ruled out holding talks with pre

turkey's economy. anna: the central bank governor was removed, did have short-term impact on the government.rn does it play more broadly? this comes into u.s. sessions. ben: turkish markets have been resilient. he fired the central bank governor. he's been clear about the reasons. he wants interest rates lower. eu,ar as a you, they are -- they are threatening sanctions. it's for drilling off. we've got three major challenges. u.s. sanctions, he you sanctions, and central bank governor cutting sanctions. anna: thank you very much. metcalf,s, michael global head of strategy. your thoughts on turkey and why the currency is holding up as well as it is in the face of the balance of political interference. michael: turkey has been volatile. people are wary of the yields. the other important thing is inflation. one of the online measures of inflation suggest it is coming down sharply. rates, it'slower possible they are justified by the economic outlook and inflation outlook. that's one positive. we need to look and see how tough they are. matt: a lot of places lower rates are justified by growth an

turkey. the new central bank governor yesterday delivered the biggest rate reduction in at least 17 years. point cut, more than analysts expected. one money manager said it was "a very risky strategy." joining us is turkey's bureau -- bloomberg's turkey. chief and a strategist at rabobank. second,t your take in a but i wonder your interpretation, the fact the lir a didn't weaken despite such a big rate cut? >> it was a surprise to many turkey observers. if you asked us before what would happen, i think we would all predict a somewhat downward trend in the lira against the dollar, but that didn't turn out to be the case, showing there were a lot of investors probably angling for a steep cut in the rate so that they can continue trading the lira. matt: what do you think? if these incredibly huge rate cuts lead to a stronger lira, l ower inflation and more growth, would that be a surprise to economists around the world? >> i think that would be the result of this new era that when theesterday, central bank surprised investors with the rate cut. it signals the recently appointed governor will c

bank. here is what you should be watching today. turkey's new centralk governor presents quarterly inflation reports a day after the central bank made its biggest rate cut on record. in europe, growth figures at 10:00 a.m. forecast more in theht -- the weakness eurozone and the federal reserve is expected to cut rates with most bets on 25 basis points. we will hear from jay powell after the decision. a cut is also likely in brazil. nejra: overnight, democratic front-runner joe biden will face off against candidates including kamala harris in the second round of debates. reduces itsmb full-year forecast and she's output at "slightly below" 500 thousand barrels a day. we will ask about the group -- outlook next. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i'm nejra cehic in london matt: i'm matt miller in berlin. live pictures of hong kong. this time, it is a typhoon affecting hong kong. you can see barely to the rain covered window of our bloomberg offices there. it is issuing a storm signal eight and the stock exchange trading.el a

turkey, something erdogan wanted. does this put those rate cuts in doubt because there are credibility questions around the central bankul: yes, it does. some are saying president erdogan wanted lower interest rates in turkey. the dismissal of the central bank governor wasn't the best white to go about it. most analysts and traders were -- the key with the rates at 24%. the central bank is going to make a decision in late july. seemed as ifkets they wouldn't have been satisfied with a rate cut. governorissal of the over the weekend puts that in doubt and the selloff suggests investors are going to be a lot less tolerant of looser monetary policy from the turkish central bank now that it's independent. anna: thanks for the update. paul wallace in dubai. iran says it will pursue nuclear talks with european nations. we see the iranians saying mark crone diplomat -- macron diplomatic advisor will visit this week after iran abandoned restrictions. we spoke to the cdu head about the next move at the economic forum. she also described the appointment to the ecb and deutsche bank. guest: we are currently seeing a spiral of esc

david: turkey has a new head of its central banks. we talk about what that means for the turkish economy. that is next and this is bloomberg. ♪ david: this is "balance of television.loomberg we turn to renita young for first word news. the justice renita: department says it will defer to legal team -- the justice department says will be shipping this matter to a root -- to a new team of lawyers. the supreme court already ruled against the change late last month. in new york, a federal grand jury has launched an investigation into gop -- into a gop fundraiser. faces accusations that he used his position as vice chair of president trump's inaugural committee to drum up business deals with foreign leaders. his contacts allegedly include the current president of angola and two politicians in romania. the mississippi department of environmental quality has closed all of the state's beaches as toxic bacteria continues spreading eastward. thatgency has warned midwestern floodwaters have been an outbreak of blue and green algae. exposure to t

the other big central bank today, talking about the ecb in a moment, turkey's benchmark , in cut 425 basis points line with president erdogan's plan for the country. .he lira is stable guy: amazing. getcut 425 basis points and your currency going in exactly the opposite direction. let's talk about the ecb. this is maybe not the reaction mario draghi would have wanted. initially, yields went down. he says inflation, we are really worried about it. someone asks, why didn't you do anything this time around? he says we didn't even talk about doing anything this time. yields go exactly the opposite direction. we are -41. an amazing day in terms of bond market action in europe. let's take a look at other assets as we continue to focus on this story. euro-dollar trading higher. again, not what draghi would have wanted. thanks stocks have gone up because there was an expectation that next time we will see some structure.ring -- that is really worrying for the snb in switzerland. vonnie: let's get to some analysis of that. ecb president mario draghi sending a strong signal that stimulus will

and it is the 1st rate cut in turkey since 2016 and it's bigger than expected the techie central bank today decided to lower its key interest rate by 4 and of course if points that takes the country's whopping rate of 4 by 24 percent down to 19.75 percent it's an interesting twist in turkey's monetary policy just over 2 weeks ago turkish president richard type add one fired to the central bank chief because he had refused to follow his demands for no rates well now his successor has complied but what does that mean for the status of tekkies central bank is it independent or just a poor woman who wants power play a question many investors are struggling with from brand new subway lines to the inauguration of a new bridge across the boss bruce and a gigantic mosque wretch of type everyone is keen to work with supposedly jobs always eager to praise turkey and its economic might. but the country has been experiencing a long term slowdown a major factor has been investors scared off by the country's worsening image on human rights the lira has been on a turbulent ride over the last few yea

to turkey now where the central bank is expected to make a statement about interest rates later today in roughly 2 hours investors and analysts are watching with keen interest because just over 2 weeks ago the turkish president was have to fire the central bank chief because he had refused to follow his demands for lower rates some say point interest rate is currently set at a whopping 24 percent but it's a dangerous game investors see a truly independent central bank as vital for a stable economy at a one though doesn't seem to have. from brand new subway lines to the inauguration of a new bridge across the boss purse and a gigantic mosque retch up to it everyone is keen to work with surprise always eager to praise turkey and its economic might. but the country has been experiencing a long term slowdown a major factor has been investors scared off by the country's worsening image on human rights the lira has been on a turbulent ride over the last few years. but everyone hasn't been slow to lay the blame and recently attacked the central bank for failing to lower interest rates so you

turkey. the nations new central bank governor delivering the biggest interest rate cut, 17 years of putting theinto practice. he has a different view of economics than many of us. he believes that high rates contribute to high inflation. how much pressure is he going to put on the new central bank governor to deliver a series of rate cuts? >> the president thinks that if turkey lowers interest rates, inflation rates will fall. that's an unusual view on how the cost of money in the cost of goods interact with each other. how far he will go i think will depend on how the lira reacts. he may have certain ideas about the economy, but he's a pragmatist, and he will look at how the lira reacts, how it is taking a toll on the rest of the economy, including inflation and unemployment. ♪ >> germany's industrial crisis seems to be getting worse. manufacturing fell to its deepest slump in seven years as trade tensions we can demand abroad, with levels on the rhine river taking their toll. >> it shows the hopes that a rebound in europe, that weakness -- unfortunately it isn't going to happen. the germinati

look at some of the other stories making news around the world today turkey's president dredged up type one has fired the central bank governor more upset and kaya he's been frequently criticized by the president for not cutting interest rates in response to turkey's economic downturn session has been replaced now by his deputy. roles have been held for 15 russian sailors who died in a fire one of the russian navy's research submersibles the men were buried at a 7th tree in st petersburg there isn't much information about monday's blaze but the defense ministry has confirmed the sailors were killed by toxic fumes from the fire. and a team of swiss scientists say planting one trillion trees would be enough to absorb the carbon dioxide emissions that are fueling the world's climate crisis the trees would cover a landmass the size of the united states but scientists say it's no substitute for using less known or new opel and she's also. the president of has defended how soccer's world governing body handled allegations of sexual abuse instead of female players in afghanistan allegations of abuse 1st surfaced back in nov

have a look at some of the other stories making news around the world turkey's president russian type at a one has fired the central bank governor more at such and he's been frequently criticized by the presidents of not cutting interest rates in response to turkey's economic downturn sessions. i has been replaced now by his deputy. and senior olds have been held for foreseeing russian sailors who died in a fire on one of the russian navy's research submersibles the men were buried at a cemetery in st petersburg there isn't much information about monday's blaze but the defense ministry has confirmed the sailors were killed by toxic fumes from the fire. now home called has recently been rocked by a series of protests over a law that would ease extraditions to china but that's just one of many issues angering hong kong residents they're worried about china's increasing influence over the region. visit a train station where china's reach extends deep into the whole lot of hong kong. this train station is highly controversial since last year west kowloon station in hong kong has connected the city to the chinese mainland. i

have a look at some of the other stories making news around the world turkey's president time at one has fired at the central bank more at such sets in kaya he's been frequently criticized by the president for not cussing interest rates in response to turkey's economic downturn. 2nd coyote has been replaced by his deputy. and she had been held for 14 russian sailors who died in a fire on one of the russian navy's research submersibles the men were buried as a cemetery in st petersburg there isn't much information about monday's blaze but the defense ministry has confirmed the same as were killed by top 6 teams from the fire. of venezuela's president nicolas maduro and opposition leader. have held separately as to mock the country's independence day 22 political prisoners were released hundreds more remain in custody has ruled out holding talks with the president. thank god without their support president maduro could quickly lose his grip on power. the military parade was held to commemorate independence day but it also highlighted that most in the armed forces still seem to back in his way was embattled presiden

europe would be joining a growing number of central banks that have already cut rates of the major economies, eight have cut rates since april, that's including turkeyce firing its central bank chief earlier this month cut rates by over 4%. that was in today's monitory policy meeting in total, 15 central banks have cut rates so far this year and with global growth concerns front and center, other countries across asia and latin america are expected to embrace this dovish policy merrill lynch forecasting nine more central banks including the federal reserve will cut rates this year. so, of course, carl, that brings up a lot of questions. what does it mean for the u.s. investor what does it mean for the fed? some economists say that a fed rate cut next week certainly doesn't guarantee a weaker dollar, because they will coincide with, again, these other central banks trying to do the same with their currency back to you. >> not to mention the amount of negative yielding debt around the world. seema, thank seema mody let's get to sue herrera this morning and get a news update. >> hello, carl hello, everyone. here's what's happening at this hour the just