Financial Market News 22.03.2021 Monday

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DAX in Germany traded 0.1% higher, while the CAC 40 in France fell 0.6% and the U.K.'s FTSE index dropped 0.4%. Turkey is also in focus following President Recep Tayyip Erdogan’s surprise decision over the weekend to replace the hawkish central bank governor Naci Agbal with Sahap Kavcioglu. Turkey’s benchmark stock index, the BIST 100, fell more than 5% in early trading Monday, while European banks exposed to the country weakened, in particular Spain's BBVA (MC:BBVA), which dropped over 6%. Travel stocks also suffered on the potential of another German lockdown, with Tui (DE:TUIGn), Lufthansa (DE:LHAG), Ryanair (LON:RYA), easyJet (LON:EZJ) and IAG (LON:ICAG), the owner of British Airways, all down between 4.5% and 6.5%. Mining stocks also slipped after new anti-pollution measures in China sent iron ore futures tumbling, with Rio Tinto (NYSE:RIO) hardest hit, down 1.4%. Suez (PA:SEVI) stock climbed 1.1% after investment funds Ardian and Global Infrastructure Partners offered 11.9 billion euros ($14.2 billion) for parts of its business. Kingfisher (LON:KGF) stock climbed 3.3% after the home improvement retailer reported a sharp rise in profits, as customers improved their houses during the lockdowns. Oil prices edged lower Monday, continuing the recent selloff as the fresh lockdowns in Europe increased worries about the speed of recovery of global demand for the commodity. U.S. crude futures traded 0.5% lower at $61.11 a barrel, while the Brent contract fell 0.4% to $64.28. Both contracts fell by more than 6% last week. Gold futures fell 0.7% to $1,729.10/oz.

GBP/USD: Britain's covid vaccine achievements to allow the pound to extend its recovery. EUR/USD briefly tests lows in the 1.1870 region. The bid tone around the dollar remains well and sound. EMU’s Current Account results, ECB-speak next on tap. Dollar Index was up 0.1% at 92.047, helped by its safe haven status. USD/JPY was down 0.2% at 108.70, GBP/USD fell 0.1% to 1.3853, while the risk-sensitive AUD/USD dropped 0.2% to 0.7727. A lot of the market’s focus will be on the Turkish lira, with USD/TRY up 8.4% at 7.8226 following Erdogan's shock weekend decision to dismiss central bank governor Naci Agbal after just four months in the role. The decision came only days after he announced a sharp rise in interest rates to combat rising inflation. Erdogan subsequently appointed Sahap Kavcioglu, a ruling party lawmaker who has argued for lower interest rates, raising fears he will reverse the orthodox moves taken to battle inflation, which could lead to prolonged market volatility. In his short time on the job, Agbal had raised rates by 875 basis points to 19% and regained some policy credibility prompting the lira to rally from the depths.
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