The Turkish lira plunged the most in more than a year to a new record on Wednesday as traders said state lenders had halted dollar sales to defend it, in a sign the government’s new economic administration is giving in on costly interventions.
US futures and European shares drifted lower, as a bigger-than-expected drop in Chinese exports stoked further concerns about the strength of global demand.
The global economy is set for a weak recovery from the shocks of Covid and Russia’s war in Ukraine, dogged by persistent inflation and the restrictive policies of major central banks seeking to contain price pressures, the OECD said.
Inditex SA’s first-quarter earnings beat analysts’ expectations, thanks to bigger Zara stores that are encouraging shoppers to buy more of the Spanish company’s fashions.
A gauge of leveraged activity in China’s money market has notched another record as onshore financial institutions take advantage of ample liquidity to boost borrowing.
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