NEWSLETTER
Thursday / September 29Sep 29
Tuesday / December 21
US growth forecasts
The US economy is expected to grow more slowly next year after Senator Manchin announced he would not vote on President Joe Biden's $1.75 trillion spending plan.
Goldman Sachs and Moody's Analytics lowered their 2022 GDP growth forecast for the US after Manchin said on Sunday, he could not support Biden's ambitious "Build Better" proposal.
Moody's chief economist Mark Zandi said he expects real GDP growth to be half a point lower in 2022.
The annual gross domestic product growth rate was expected to decline to 4% in the first quarter of 2022, down from 6% expected in the last three months of this year, according to a Reuters survey published on Dec 8.
Senate Majority Leader Chuck Schumer said on Monday that despite opposition from conservative Democrat Senator Joe Manchin, the US Senate will vote on President Joe Biden's far-reaching $1.75 trillion policy bill early next year.
Lira volatility
The Turkish lira closed the session following historically heavy losses, with more than 20 percent gains on Monday after President Tayyip Erdogan announced a series of steps, he said would ease the burden of the weakening currency on the public and pledged to maintain its low interest policy.
Having previously lost more than 10% against the dollar and climbed to 18.25, the currency pair strengthened sharply, closing the day in the highest daily trading range on record at 13.15, gaining 25% in response to Erdogan's statement. The lira is still at 45% loss yearly.
The head of the Banks Association of Turkey said that approximately $1 billion was sold in the markets after Erdogan announced the measures.
Stocks
The main averages fell on Monday as investors grappled with Covid cases and fears from the omicron variant.
The Dow Jones Industrial Average fell 433.28 points to 34,932.16 points, driven by losses in Boeing, Goldman Sachs and American Express.
The S&P500 fell 1.1% to 4,568.02 and the tech-focused Nasdaq Composite fell 1.2% to 14,980.94. The small-scale average Russell 2000 lost about 1.6%.
The S&P500 fell 3.01% in the last three days as of December 20, its worst drop in a three-day period since September. The Nasdaq Composite Index also fell 3.76% in the last three days, the worst three-day performance since May.
Ukraine warning
The US State Department advised Americans on Monday to avoid traveling to Ukraine due to the Russian military buildup on the Ukrainian border.
In its new travel advice, the department said Americans should be aware of reports that Russia is planning a "major military operation against Ukraine" and that security in the country could deteriorate.
US intelligence officials say Russia has deployed 70,000 troops to the border and is preparing for a possible invasion early next yea. Moscow denies any plans of attack, as it did when it annexed the Crimean Peninsula in 2014, but says it wants assurances that Ukraine will never join NATO.
The US economy is expected to grow more slowly next year after Senator Manchin announced he would not vote on President Joe Biden's $1.75 trillion spending plan.
Goldman Sachs and Moody's Analytics lowered their 2022 GDP growth forecast for the US after Manchin said on Sunday, he could not support Biden's ambitious "Build Better" proposal.
Moody's chief economist Mark Zandi said he expects real GDP growth to be half a point lower in 2022.
The annual gross domestic product growth rate was expected to decline to 4% in the first quarter of 2022, down from 6% expected in the last three months of this year, according to a Reuters survey published on Dec 8.
Senate Majority Leader Chuck Schumer said on Monday that despite opposition from conservative Democrat Senator Joe Manchin, the US Senate will vote on President Joe Biden's far-reaching $1.75 trillion policy bill early next year.
Lira volatility
The Turkish lira closed the session following historically heavy losses, with more than 20 percent gains on Monday after President Tayyip Erdogan announced a series of steps, he said would ease the burden of the weakening currency on the public and pledged to maintain its low interest policy.
Having previously lost more than 10% against the dollar and climbed to 18.25, the currency pair strengthened sharply, closing the day in the highest daily trading range on record at 13.15, gaining 25% in response to Erdogan's statement. The lira is still at 45% loss yearly.
The head of the Banks Association of Turkey said that approximately $1 billion was sold in the markets after Erdogan announced the measures.
Stocks
The main averages fell on Monday as investors grappled with Covid cases and fears from the omicron variant.
The Dow Jones Industrial Average fell 433.28 points to 34,932.16 points, driven by losses in Boeing, Goldman Sachs and American Express.
The S&P500 fell 1.1% to 4,568.02 and the tech-focused Nasdaq Composite fell 1.2% to 14,980.94. The small-scale average Russell 2000 lost about 1.6%.
The S&P500 fell 3.01% in the last three days as of December 20, its worst drop in a three-day period since September. The Nasdaq Composite Index also fell 3.76% in the last three days, the worst three-day performance since May.
Ukraine warning
The US State Department advised Americans on Monday to avoid traveling to Ukraine due to the Russian military buildup on the Ukrainian border.
In its new travel advice, the department said Americans should be aware of reports that Russia is planning a "major military operation against Ukraine" and that security in the country could deteriorate.
US intelligence officials say Russia has deployed 70,000 troops to the border and is preparing for a possible invasion early next yea. Moscow denies any plans of attack, as it did when it annexed the Crimean Peninsula in 2014, but says it wants assurances that Ukraine will never join NATO.
