Turkey’s central bank releases minutes of its last meeting at which it cut interest rates by a quarter point.
A Greek deal has been pulled from the fire at the last moment. The country’s bailout programme will be extended for four months averting a potential cash crunch in March that could have forced the country out of the currency area.
Volatility is back with a bang.
The Swiss franc leapt by an unprecedented 40 percent at one point after the Swiss National Bank scrapped its currency cap out of the blue. Oil may have bounced but it’s still down the thick end of 60 percent since mid-2014, dragging the rouble and other oil-producer currencies with it. Copper, generally a barometer of world industrial demand, is barely finding its feet after plunging this week.
The conversations at the U.S-Africa Leaders Summit in Washington this week, Secretary of State John Kerry said on the first day, are very different from discussions about Africa 15, or even 10, years ago.
European Central Bank President Mario Draghi makes a lengthy appearance in the European Parliament in Strasbourg. He will doubtless reassert that the ECB would start printing money if necessary but, as we reported last week, policymakers are fervently hoping they won’t have to and that a raft of measures announced in June will do enough to lift the economy and inflation.
Secretary of State John Kerry and Treasury Secretary Jacob Lew traveled to Beijing this week for the annual Strategic and Economic Dialogue, at a time when U.S.-China tensions are running higher than at any point in the past decade. Though each country’s bureaucrats were able to put on a good face and paper over significant disagreements, they were unable to make progress on any major security or economic issue.
Secretary of State John Kerry and Chinese Premier Li Keqiang both made high-profile visits to Africa within a week of each other this month. Kerry sought to resolve the continuing violence in South Sudan and the Central African Republic, Li came bearing aid and investment deals.