currency what we need in the markets what's what's the general spirit is do they need the turkish central bank still regarded as being properly independent. i would say the spirit is one of extreme skepticism over everything that the c.b.i. 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 so

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 fight inflation and protect the credibility of the currency or if it's being sit by it one himself or by political pressures and that's a major problem for the currency what they need in the markets what's what's the general spirit is do they is they the turkish central bank still regarded as being properly independent. i would say the spirit is one of extreme skepticism over everything that the c.p.i. does and this creates a dilemma for the central bank because the macro economic fundamentals are tricky 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 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 the

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 wretched type add one fired the central bank chief because he had refused to follow his demands for lower rates and some say at one house a point to the interest. trade 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 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 rate cut t. even sacked the previous central bank chief because he wouldn't comply how problematic is this kind of political interference in monetary policy it's extremely problematic is the reason why in central banks are independent if the politicians are effectively dictating monetary policy than naturally you are going see attempts by certain politicians to try and drive short term political benefits at the expense of longer term economic growth potential risking r

and it is the 1st rate cuts in turkey since 2016 and it's bigger than expected the turkish central bank today decided to lower its key interest rate by 4 and a quarter percentage points that takes the country's swapping rate of 4 by 24 percent down to 19.75 percent an interesting twist in turkey's monetary policy just over 2 weeks ago turkish president richard type add one fire 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 are struggling with from brand new subway lines to the inauguration of a new bridge across the boss bruce and a gigantic mosque ratchet type 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 cared off by the country's worsening image on human rights the lira has been on a turbulent ride over the last few years. but e

concert in our the central bank is expected to make a statement about interest rates today investors and analysts watching with keen interest because just over 2 weeks ago turkish president reza type out of one fire the central bank chief because he had refused to follow his demands for low rates it's a dangerous game investors see a truly independent central bank as vital for any stable economy but out of one doesn't really seem to catch throw from brand new subway lines to the inauguration of a new bridge across the grass spruce and a gigantic mosque wretched type area one is keen to work with supreme egypt always eager to preach turkey and its economic might. but the country has been experienced . no 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 buy stuff for years then you. had to there was a person who was not conforming to instructions given on the subject of monetary policy this mother of all e

also coming up all eyes are an anchor on the new turkish central bank chief today to cut interest rates for the 1st time since 2016 by a whopping 4.25 percentage points. and china and malaysia resume work on a multi-billion dollar stretch of the belgian road project at a reduced price. but time to do business i want to get jones and well and good to have you with us was starting with news from japanese carmaker. the company says it will slash well over 12000 jobs and cut production capacity by 10 percent in the next 3 years the news comes as news on announces a 95 percent drop in 1st quarter profits. if you work for a new sun you've about one in 10 chance of getting this the scale of the cuts of reflection of just how much trouble this car maker is the end. of the world. because it was in terms of human resources.

today will the new turkish central bank chief turn out to be president pull. its. existing business on. facebook shares have been rising in extended trading after. beating 2nd quarter revenues of almost $17000000000.00 this just hours after u.s. authorities hit the social network with a spectacular find the u.s. federal trade commission ordered facebook to pay $5000000000.00 over its failure to protect use a date of the f.t.c. also meant mandates at the network to set up an independent committee to oversee its privacy policy c.e.o. mark zuckerberg says his company was in the process of making major changes that signal a quote new chapter for facebook. he is standing by in frankfurt chelsea we've seen companies hit with big fines a lot recently and shares usually went down on the news if the underlying numbers were still good why is it different this time. that's fair for a lot of companies but these big tech giants they sort of are exempt from those rules and particularly with facebook people called the tough tough line company because it has been so resilient to a

also coming up all eyes are on the entourage the new turkish central bank chief today to cut interest rates for the 1st time since 2016 by a whopping 4.25 percentage points. to china and malaysia resuming work on a multi-billion dollar stretch of the belsen road project after a few. reduced price. but i'm to do i want to get jones and welland good to have you with us was starting with news from japanese carmaker nissan the company says it will slash well over 12000 jobs and cut production capacity by 10 percent in the next 3 years the news comes as news on announces a 95 percent drop in 1st quarter profits. if you work for a nissan you've about one in 10 chance of getting this stock the scale of the cuts of reflection of just how much trouble this carmaker is in. the mood indicators in terms of human resources we've already slashed 6400 jobs as part of an effort to reduce costs to recover.

crowds today will the new turkish central bank chief turn out to be president. and. this is your business as well facebook shares have been rising and extended trading after. beating 2nd quarter revenues of almost $17000000000.00 this just hours after u.s. authorities hit the social network with a spectacular find the u.s. federal trade commission ordered facebook to pay $5000000000.00 over its failure to protect user data the f.t.c. also mint mandated the network to set up an independent committee to oversee its privacy policy c.e.o. mark zuckerberg says his company was in the process of making major changes that signaled quote new chapter for facebook. delaney is standing by in frankfurt chelsea we've seen companies hit with big fines a lot recently and shares usually went down on the news if the underlying numbers were still good why is it different this time. that's fair for a lot of companies but these big tech giants they sort of are exempt from those rules and particularly with facebook people called the tough tough line company because it has been so resilien

lira moving since resident erdogan this mist the turkish central bank governor. guy: we are going to talk about that later on. let's talk now about the deutsche bank story. christian sewing's plans for deutsche bank, the ceo says the company is going to return to its roots. it is going to exit its equity trading business to contribute to the bank's workforce being slashed by 1/5. the market reaction today, shares falling in frankfurt come the some analysts saying targets of the plan will be hard to achieve. the company cfo had .o say sonali basak joins us now. deutsche bank wants to return to its core, but getting there is going to be a difficult journey. sonali: even with the execution risk we are seeing here, the goal is i 2022, 8% return on tangible common equity. that is less than barclays and almost half of jp morgan. people haveplan, questions about how revenue is going to grow. costs are going to be exorbitant for a year. how are they going to compete with large global banks? vonnie: typically when someone undertakes massive restructuring like this, obvious

turkish president erdogan delivered another reminder of his power over monetary policy firing the central bankernor. the lira slid after the announcement. he made his deputy comforter -- governor the replacement. joining us now from dubai is our markets reporter, paul wallace. we have seen the turkish news flow moving to the back winner and turkish assets staging a rally. is that rally now done? paul: hi, anna. yes, it seems that way. the lira had been the best performing currency in the past two months, getting a percent against the dollar since the start of may. that now seems it is all but over. it has been rallying for many reasons, one was the risk on appetites thanks to endeavor still by the ecb and the fed -- tilt by the fed and these be. -- the ecb. following -- slowing quicker than expected. and present erdogan's acceptance of the opposition's victory of the election in istanbul made investors turn bullish on turkish assets. of, seems as if we'r ate the end of that point seems as if we're at the end of that point. anna: we'll keep an eye out for that. turning a page in the turkish sto

interest rate and the removal of the turkish central bank governor rocks the lira. , the islamic republicpush uranium two 20% purity.

tough line for the turkish central bank today. david: and as a former lira trader, what does one do with that information? or lack of it? reporter: [laughter] i think today, there is so much uncertainty around the decision and there will be a lot of volatility. i don't think you can go in with a large position. i think you can assume the first reaction won't be one that will sustain. it is a great market for the market makers and immediate day traders. people with a medium-term perspective should not necessarily react in the first few seconds after the result. i think most likely the biggest risk is we trigger another sustained turkish lira depreciation if they cut by too much. i think that is what investors should watch out for, to get on the trade, but they don't need to necessarily react immediately. if they do trigger that sustained appreciation phase, you can get it a little late, ones. a couple of first cudmore, managing editor. david: let's talk more about this. action. ecb the european central bank in focus later today wit

the fed, the ecb, and maybe the boj next week is nothing compared to what we saw with the turkish central bank. 425 basis point cut. was this the result of political pressure or a legitimate need to move? kathleen: i don't know if we will see something like that for but maybee again, some of both because yes, president erdogan has been pressuring them. he fired the last central bank chief and this new one was coming into figure out what to do. on this chart come you can see inflation has come down quite a bit. it had gotten to 28% last year. now it is down to 16.7%. look at the key rate at 24%. the improvement of inflation and global banks are getting more dovish and cutting rates, another reason why it would be legitimate. finally, the lira has strengthened. bond yields in turkey, etc. that probably opens the door wider to more rate cuts in turkey which they may need because if the lira is not going to weaken, they may be on solid ground. it may depend on how dovish the big central banks are. rishaad: thanks, kathleen. policy editor kathleen hays. ecb pretty about the much all morning and cer

we have another central bank meeting coming up. that's the turkish central bank happening in a couple hours time i hate to say this, they may steel some of the limelight away from the ecb they may cut quite aggressively there. >>> back here in the uk, boris johnson has announced major changes to the british cabinet on his first full day as prime minister johnson mostly appointed pro brexit lawmakers to the top roles. is sajid javid is the new finance minister boris johnson spoke yesterday. >> though today i'm building a great team of men and women, i will take responsibility for the change i want to see never mind the backstop, the buck stops here. i will tell you something else about my job, it is to be prime minister of the whole united kingdom. that means uniting our country, answering at last the plea of the forgotten people and the left behind towns, by physically and literally renewing the ties that bind us together. >> so do or die brexit on october 31st this is reaction in the uk index. ftse 100 is up about a tenth of a percentage point today

central banks things to be more of a global trend. the turkish lira slumps since the bank governor was fired. power global economic policy editor kathleen hays is watching these developments. let's start with the white house. what led to president trump's latest twitter barrage? is interesting, because he started on friday as he was getting ready for the fourth of july celebration o, ad he ended up on sunday, he could not quit. he was talking to reporters on friday. he said the fed does not have a clue on how to remove policy, does not know what it is doing. he said if it knew what it was doing, it would be cutting rates right now. he also tweeted the fed is mostly a result problem, they and raised fees too soon too often. what do we think donald trump going again? i think it could have something to do with the jobs report that you just mentioned, shery, that jobs rose 224,000 from 72,000 in may. they are back on track to show solid gains. even manufacturing jobs growing at a time when people think that there is a trade war. how could manufacture

and on thursday, we'll get decisions from the ecb and turkish central bank. on the governor and the central bank's independence. that's on the subject of turkey, not on the subject of the presidency of the ecb. and to close out the week, we get growth data from the note states, forecast to hit the slowest pace since 2016. it will be a busy week, lots to look ahead for. bank reporting from european banks certainly in focus. let's talk about the equity markets right now. i mentioned futures in the united states look positive. we've been treading on european markets, down a 10th of a percent on the stoxx 600. this is a sector breakdown. oil and gas also getting. after -- gaining. it took time to establish the ftse 100 in oil and gas and basic resources. now we've achieved that on equities. stronger.00 is and we see basic resources outperforming. real estate the biggest loser. annmarie hordern has our movers. annmarie: this morning, and meyer berger is plunging, down nearly 17%, at with earnings results and they had a loss this first have. last year, they were mak

taking -- talking about central bank independents, president trump hasn't called on the turkish presidentet but -- kathleen: it is interesting as he was leaving for his big central-bank fourth of july speech and celebration, started ouring to reporters about most difficult problem is in our competitors but the federal reserve, they raise rates too soon, too often. this continued through today and they think one of the reasons he is concerned is because the strong u.s. jobs support he applauded as evidence for his policies is making investors think the fed will not cut 50 basis points at the end of the month. they cut 25. toy went from 72,000 in may 24,000. let me show you my chart. the yellow line is the moving average. these are what are important because you go from 72,000 -- raising concern about a big slowdown in jobs. average hourly earnings slid -- slowed down. maybe you will not post inflation much, but the next chart is interesting. flat -- in the chart made this one because it shows you the outlook or fed rate cuts has gotten weaker as it gets back to this question of how much wi

at the end of the month here, is jerome powell's job in jeopardy does he go the way of the turkish central bank chief >> listen, it seems to me highly unlikely that he's going to serve a second term as fed chair. that's different than saying he's not going to be -- he's somehow going to be removed, though i think the president seeing what's going on in turkey would probably like to do the same i think if i was an investor, what i would pay close attention to, again, are the kinds of people that the president wants to put on the fed, because those are the people who very well might be the next fed chair. so if you have any concerns about judy shelton being on the fed, and you really should because she could be your next fed chair, i think you really need to look at these nominees and what they might look like down the road. >> folks, i have to run. we have breaking news right now, but thank you. i always enjoy talking to jimmy, steve, and lindsey >> and we have that news alert on a new streaming product with julia boorstin what's going on, julia >> well, bill, at&t's warner media unveiling the n

for me, it is not a intellectual breakthrough to observe the turkish central bank isn't independent.his 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 is not new. as an investor come you've got to ask you might getting paid to take on risks? what are the underlying fundamentals doing and you are getting close to 20% carry. if you look at turkish bonds on the lira, prior to this you had a strong run so we shouldn't be surprised or volatility but if i stand back and look, 20% carry to take on the leery underlying fundamentals are improving substantially which is setting you up for a better and stronger economic environment. i would be pretty comfortable taking on the lira within a diversified portfolio today. nejra: i understand the carry trade with the lira but earlier, you said it might be overdone in terms of expectation for fed rate cuts in developed bond markets and u.s. bond market, but also in u.s. equities. why would you want to buy em on that thesis? er

did turkish president fires the head of the central bank -- the turkish president fires the head of theoff. david: welcome to "bloomberg this monday, july 8. a little something going on in france. it was a great game. aix: their second win in row? david: that's right.

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's nothing up there it's empty and that's the problem this

did turkish president fires the head of the central bank -- the turkish president fires the head of the central bank. the lira falls, equity sells off. david: welcome to "bloomberg this monday, july 8. a little something going on in france. it was a great game. aix: their second win in row? david: that's right. alix: even president trump took to twitter to congratulate the team, versus a couple days ago, when one of the women said we are not going to the white house, and he said why don't you win first. now apparently very proud. david: it was a great game. the u.s. was really taking it to the netherland for the first half, but they kept it up in the second half. alix: go team usa. in the markets, you have powell coming out in the next couple of days. drive up market reaction for this week. euro-dollar lower by 1/10 of 1%. the dollar getting a little bit of steam in the last 20 minutes of trading. crude also quiet. it is a quiet market with idiosyncratic events turkey, like deutsche bank. david: what a nice word to use. alix: right? david: idiosyncratic. time now for the morning brief.

of the other business stories making news around the world the turkish lira is down following the ousting of the head of the central bank by turkish president breaks a tie a bad one governor mourad said in cairo was let go without an official explanation we've been facing pressure from the president of the high interest rates saudi arabian airline flight deal has withdrawn an order for up to 50 of boeing's grounded 77 max jets it is said it will switch to air bus the move will cost boeing close to $6000000000.00 incomes of the 2 deadly crashes of the passenger jet. and the import of russian oil via the infamous 2 rouge pipeline has been halted again a german refinery discovered contamination over the weekend in april the russian supply caused massive damage of the pumping millions of tons of contaminated oil through its pipelines through this could be an economic game changer talking about it for years african leaders that officially launched a free trade zone it could unite over a 1000000000 people if it works at will create a $3.00 trillion dollar economic block. see the hammer has gone down on a deal to create the bi

hard to argue against the view that the institutional credibility of the central bank is shot to pieces. apparently, in turkishthe new central bank governors name translates to malleable. that is probably exactly what he will be. it was clear he was not going to cut rates as much as president wanted. the central bank is fully in his control. you can understand the currency weakness this morning. weakness, ifrrency it continues and if we see any sort of free fall from here, doesn't that actually ironically make it harder for the central bank cut rates on july 25? nick: i think we are beyond that. i think we will cut rates regardless. erdogan isesident fully committed that lower rates will end up with lower inflation. i find it very difficult the them not cutting rates now. -- difficult to see them not cutting rates now. manus: i want to get your perspective from the fixed income side of things. i look at the emerging-market bond yields, local debt yields on hitting the lowest in a living euros. in the broader em context, the fed was our saving grace, isn't it? those that rally in young debt -- does that rally i

the turkish lira fell today following the ousting of the head of the central bank by turkish president receptors at a one governor setting kyle was let go without an official explanation phasey pressure recently from the president over refusing to lower interest rates. the import of russian oil via the in famous infamous brush bought pipeline through ukraine has been halted again a german refinery discovered consummation over the weekend in a pro russian supplier caused massive damage after pumping millions of tons of contamination oil through its pipelines. the game farming industry in south africa has 4 pillars of auctions of game trophy hunting eco terrorism and animal products those sectors now worth around one and a half $1000000000.00 a year more than half of which comes from hunting while critics call it cruel and unethical many locals depend on the income and insist they're doing business in a sustainable way. but less than 30 minutes until nightfall south african professional hunter tony de braun on his american clients are looking for a golden will to beast it phil kloppenbur

in the meantime, we have an announcement out of the turkish central bank. mr. erdogan has his way. they are going to cut the one 19.75%, downe to from 24%. the turkish lira is coming down on the news, a little under 0.5% now. alix: that is a 425 basis point cut. the market was expecting 250. this is definitely more aggressive on that side. david: the got the message. alix: we are just about an hour away from mario draghi's press conference. euro-dollar goes nowhere. crude up by 1%. basically, wait for the next hour. [laughter] david: time now for the winning brief. at 7:40 five eastern, we get the ecb rate decision, followed by a news conference with mario draghi. we get u.s. economic data, including weekly jobless claims, inventories, and trade balance numbers. at 1:00, the u.s. treasury sells five-year notes. after the bell, we get alphabet and amazon earnings. alix: we are joined by michael mckee and luke kawa. here is the facebook cfo on the call yesterday. >> we continue to expect that our constant currency revenue growth rates will increase sequentially going forward. we also

for the a huge visit new head of the turkish central bank.et's take a look at just how big it was. but also see why the door has really opened. their key rate got up to 24%. and then got up to 28%, very high level of rates has helped drive inflation back down. it is still high by most measures. it is almost half of what it was. in terms of the president of turkey pressuring them, a lot of people beforehand said if they do a big rate cut, it will get smashed because everyone will think you are bowing to political pressure. the leader actually rallied because of looking at yield differentials. take a look at the chart. the inflation rate has come down a lot. that is one justification for it. in fact, if nomura can maintain its strength in the face of this kind of aggressive easing, that is another thing that can keep the door open. the delicate dance because if you are the central bank chief, you don't want to look like you are doing what the president says to do latest health, just like if you are the fed dealing with president trump. shery: k

turkey, the president shocked global financial markets by suddenly ousting the head of the central bank. >> the turkishrelivedesident erdogan the nation's central bank governor. he has reported that policymakers support his view. but higher interest rates cause inflation. with this removal out of the blue, where does it leave the person in charge and were does it leave the central bank? >> it leaves the central bank in a tough position, francine. the previous had was probably on the cusp of starting an easing cycle. but with this decision to suddenly remove or hold management at the central bank, it has caused some volatility in the lira. it is possible that he might lira mightel -- the weaken to a level that it might be more difficult for the new governor to cut rates, as president erdogan would probably like him to. a new leader has taken over as prime minister in greece, that is after yesterday's election. mandate to strong deliver on my agenda, which is an agenda to grow the economy, to create more jobs, but also to make sure the greek people feel safe again. maria: he will tell you, i want to grow

turkish president. says the nation's central bank needs complete reform the 5 institutions had were set in cairo on the weekend rekindling concerns about the independence of turkey's monetary policy and it. has launched its 1st helicopter service in new york the aircraft will shuttle passengers from j.f.k. airport to manhattan 8 minute ride it will cost around $200.00. according brazil says mining companies must compensate the families of $250.00 people killed in a dam collapse vale also has to pay for extensive damage the collapse caused the environment and local economy authorities are frozen 3000000000 euros of ales assets to pay the massive penalties. coffee is mainly grown by a small hold farmers who often suffer from changing weather patterns by. early rains this can cause diseases and delayed harvesting effect in yields and farmers livelihoods some blame global climate change for this global organization working with coffee farmers cooperatives societies and in that much shock as county in eastern kenya has introduced climate academies. an outdoor training session at the climate academy. because

there has been a lot of concern around the central bank and the lack of independence, but a lot of people have been putting out that this is a great market for turkishds. the central bank as cutting rates aggressively. it is not something you can hedge. they are unhedged. what do you trade the turkish lira against? it is hard to trade the turkish lira at the moment, but where do the risks lie around that? elsa: it is difficult at the moment because it is still the highest yield across the space. but that is not going to last forever. if the central bank was deliver as many cuts as priced and at the moment, we would get to the point where the real yields are no longer attractive. even if we do not get that far, we estimate they probably have room of 200 to 300 basis points of further cuts before the really old drops away to further levels. vonnie: in terms of frontier markets, we are just getting a bbdline of south african plus rating to negative. south africa is another interesting currency -- the rand is weaker by 1.5 percent versus the u.s. dollar. is there a trade here. -- here? ratings are ay, tricky trade. countries lose investment grade status

central bank. francine: the turkish lira weakened after president erdogan relieved the nation's central bank governorhe has reported that policymakers support his view that higher interest rates cause inflation. with this removal out of the blue, where does it leave the central bank and where does it leave the new person in charge? >> it leaves the central bank in a tough position, francine. the previous head was probably on the cusp of starting an easing cycle. but with the decision by president everyone -- resident erdogan topresident suddenly remove or hold management at the central bank, it has caused some volatility in the lira. it is possible that the lira might weaken to a level that it might be more difficult for the new governor to cut rates, as president erdogan would probably like him to do. center-right democracy leader has taken over as prime minister. that is after yesterday's election. it handed kyriakos mitsotakis a mandate to tackle the nation's chronic woes. >> i feel i have a strong mandate to deliver on my agenda, which is an agenda to grow the economy, to create more jobs, but al

the turkish lira falls after the prime minister fires a central bank governor. bloomberg has learned erdogan told lawmakers they need to get behind his delete that high rates causes inflation. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm renita young. this is bloomberg. it is 1:00 p.m. in new york, 6:00 p.m. in london, 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to "bloomberg markets." from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world we are following. radical surgery for deutsche bank. a massive revamp of the german bank, closing its equity business, cutting a fifth of its workforce and scrapping its dividend. sees theays he still need for a lot of things to go right. powell in the line of fire. president trump keeps the pressure on the federal reserve to cut rates as markets price out more rate cuts this year. focus turns to powell's testimony before the house and senate this week. insight on how he

and where to now for the turkish lira president other one fires the central bank chief and at least the lira stocks and government dollar bonds weakens. business business asia. as well come the most comprehensive transformation of germany's biggest lender in decades that's what a bank c.e.o. . calls the radical cuts he's performing on the ailing erstwhile flagship of germany's financial industry saving is closing down all of its loss making equities trading business and will shrink its bond and rates trading operations significantly 18000 staff will lose their jobs especially london and new york offices will be decimated stuff across asia have also been seen leaving their buildings for good. it was the investment bankers that were the 1st to go whole teams of them were fired on monday across asia deutsche bank is turning its back on the international equities business and focusing its attention back home. on that leg on the plant we've been planning for quite some time that after achieving stabilisation last year cleaning up the balance sheet and in costs under control we now want to ta

figures who will pursue his policy and his new central bank chief who was the deputy governor to the central bank, his name means "submissive" in turkishhe is expected to be much more deferential to that very unorthodox philosophy, which raises expectations overall for another rate. on july 25 when they meet again. you have to remember the context. erdogan is coming off another big loss in istanbul. that rerun was embarrassing for him. he is facing a major rebellion within his own party. the former deputy prime minister has just announced that he is defecting from the ruling party, starting a splinter party. there are heavyweights they're looking to join him. david: is this fundamentally economics or is it politics? is this trying to make himself more popular with the people by adding lower interest rates? if it is the latter he could run into trouble because that leads to inflation. people might not like that. it is growthdogan at any cost. he understands the things that got him to power were high growth rates and he believes that low interest rates produce high growth rates. vary overonditions time, there are cycles, but he does not

turkey, the president shocked global financial markets by suddenly ousting the head of the central bank. >> the turkisha weakened. he demands that policymakers support his view. higher interest rates because inflation. this removal out of the blue, where does it leave the person in charge? >> it leaves the central bank in a tough position. the previous was probably on the cusp of starting an easing cycle. to be honest, it is a bit more muted than what one would expect, but there is still some volatility in the lira. it is possible it might reach a level where it is more difficult for the new governor. to cut rates. >> greece's democracy leader has taken over as prime minister. that is after yesterday's election handed a mandate to chronic woes.ions >> it is an agenda to grow the economy and create more jobs, but also to make sure people feel safe again. >> he will tell you i want to grow this economy aggressively. he talks about 4% growth. that is double the current rate. he wants to attract foreign money, but most crucially he wants to slash taxes for corporations and households and he needs fiscal sp

the lira suffering its worst day in months after turkish president erdogan fired that nation's central bankicial reason was given for that particular dismissal, but erdogan has expressed frustration with the central bank for keeping its benchmark rate at 24% since last september in order to support the lira, so central bank governors around the world coming under fire from their political leaders, not just here in the u.s. but in turkey as well >>> still on deck, the ipo rush rolls on one of the most anticipated offerings of the year making an unusual move ahead of its big debut. >>> plus, verizon, sprint, t mobile, at&t and now google? why silicon valley may be asking, can you hear me now? orwi ehae"s ck after this new align whole food probiotic. a blend of quality probiotics and fermented whole food botanicals, expertly curated to naturally support your gut health every day. go with align whole food blend. from the pros in digestive health. they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any ti