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Global markets recovered after historically high selling pressure

Business /

After concerns that economic activity in the US may slow down more sharply than expected led to deepening selling pressure in global markets on Monday, risk appetite increased in the markets on Tuesday. The effects of concerns that the Fed’s decision to cut interest rates in the near future could raise concerns about the course of the economy, causing panic in the markets, were also felt intensely. The emergency rate cut decision could be interpreted as the Fed losing control over the markets, analysts pointed out, adding that the bank should clarify the steps it will take in the short term. On the other hand, the Purchasing Managers’ Index (PMI) for the service sector in the US provided some relief in July, while the Institute for Supply Management (ISM) service sector (PMI) increased by 2.6 points on a monthly basis to 51.4 in July, in parallel with market expectations. “It doesn’t make sense to maintain a restrictive policy stance if the economy is weakening,” said Chicago Fed President Austan Goolsbee, a closely followed Fed officials, in an interview on Tuesday. “The employment numbers came in weaker than expected, but it doesn’t look like a recession yet,” he added Goolsbee refrained from commenting on whether the Fed would go to an emergency meeting and cut interest rates, saying that this is a very big table, so everything is always on the table, such as rate hikes and rate cuts.  With these developments, forecasts for the Fed to cut interest rates by 50 basis points in September have also strengthened. In the Eurozone, the composite Purchasing Managers’ Index (PMI), which was 50.9 in June, fell to 50.2 in July, the lowest level in the last five months. The service sector PMI in the Eurozone, which was 52.8 in June, fell to 51.9 in July, the lowest level in the last four months. In Germany, service sector PMI, which was 53.1 in June, fell to 52.5 in July, the lowest level in the last four months. In the region, the Producer Price Index (PPI) increased by 0.5% on a monthly basis in June, while it decreased by 3.2% annually. While cryptocurrency markets also recovered, Bitcoin increased by 2.1% to $55,506. Reflecting the decline in technology stocks yesterday.  Nvidia’s shares, one of the companies that attracted attention in the artificial intelligence rally, fell 6.36%. Apple’s shares also dropped 4.82%, while Berkshire Hathaway, where US investor Warren Buffett is the Chief Executive, halved its shares in the company. Microsoft’s shares declined 3.27%, Meta’s shares fell 2.54%, Alphabet’s shares fell 4.61% and Amazon’s shares fell 4.1%, while Tesla’s shares fell 4.23%. While banking stocks also decreased with recession fears, Citigroup’s shares fell 3.42%, Wells Fargo’s shares fell 2.14%, JPMorgan Chase’s shares fell 2.13% and Morgan Stanley’s shares fell 3.94%. US markets saw a slight downbeat on Monday, with the Nasdaq index fell 3.38%, the S&P 500 dropped 3%, and the Dow Jones decreased by 2.60%. The US 2-year bond yield closed at 3.97% while Brent crude oil prices have stood at $76,9 per barrel. The US 10-year bond yield closed at 3.84%, and gold prices down by 0.3% to $2,403 an ounce. As for the VIX volatility Index, also known as the fear index, fell to 38.57. European stock markets continued to follow a mixed trend. The FTSE 100 index in the UK dropped 2.04%, France’s CAC 40 index 1.42%, Germany’s DAX 40 index decreased 1.82% and, Italy’s MIB 30 index 2.27% on Monday.  In Türkiye, the BIST 100 index in Borsa Istanbul closed at 9,893.41 points, down 5.54% from the previous close. The USD/TRY exchange rate traded at 33.3502 at the opening of the interbank market on Monday. On the other hand, the Consumer Price Index (CPI) increased by 3.23% and the Domestic Producer Price Index (D-PPI) by 1.94% on a monthly basis in July. Annual inflation realized as 61.78% in consumer prices and 41.37% in domestic producer prices. In Asian markets, which experienced a historic decline on Monday due to rising recession concerns, some of the losses experienced with the upward trend were compensated on Tuesday. The investments made in high-yielding assets with Japanese yen borrowing on Monday triggered the selling pressure in the regional markets with the BoJ’s interest rate hike and the rapid appreciation of the Japanese yen, analysts said. Thus, both the yen, which strengthened with the hawkishness of the BoJ, and the concern that the increasing recession concern in the world could negatively affect the performance of exporting Japanese companies played an important role in deepening the selling pressure in Japanese stock markets. On the other hand, Japan’s Finance Ministry, Financial Services Agency and BoJ officials are expected to meet today to discuss the state of the markets. In addition, the Reserve Bank of Australia left the policy rate unchanged at 4.35 percent. Near the close, Japan’s Nikkei 225 index rose 8.9%, South Korea’s Kospi index 4%, while the Hong Kong’s Hang Seng composite index fell 0.1% and China’s Shanghai index decreased 0.3%.

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Gaza death toll rises to 39,653 as Israel kills 30 more Palestinians

World /

 The Israeli army killed 30 more Palestinians in attacks in the Gaza Strip, taking the death toll to 39,653 since last Oct. 7, the Health Ministry in the enclave said on Tuesday. A ministry statement added that some 91,535 others have been injured in the assault. “Israeli forces killed 30 people and injured 66 others in three ‘massacres’ against families in the last 24 hours,” the ministry also said. “Many people are still trapped under rubble and on the roads as rescuers are unable to reach them,” it added. Flouting a UN Security Council resolution demanding an immediate cease-fire, Israel has faced international condemnation amid its continued brutal offensive on Gaza since an Oct. 7, 2023 attack by Palestinian group Hamas. Ten months into the Israeli war, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine. Israel stands accused of genocide at the International Court of Justice, whose latest ruling ordered Tel Aviv to immediately halt its military operation in the southern city of Rafah, where over a million Palestinians had sought refuge from the war before it was invaded on May 6.

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South Africa: Police Rescue Nearly 100 Ethiopian Migrants

Africa /

South African police have rescued 90 Ethiopian migrants who were being held against their will at a property in Johannesburg. The rescue operation, conducted on Sunday, followed a search for an individual reported missing and led to the discovery of the migrants, who were found locked in small rooms. Two suspects were arrested on charges of kidnapping and human trafficking, and the reported victim was also rescued. The migrants, believed to have been trafficked illegally, were taken to a hospital for medical care. The two suspects are set to face charges in court. Interpol and other authorities have raised alarms about the trafficking of Ethiopian migrants through several southern African countries on their way to South Africa, often enduring dangerous conditions. In recent years, there have been tragic incidents involving Ethiopian migrants, including the discovery of 64 bodies in a freight container in Mozambique in 2020, 30 bodies in a mass grave in Malawi in 2022, and 27 bodies found in Zambia that same year.

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UK: Starmer condemns far-right riots

World /

The British Prime Minister has condemned the riots that have erupted across the country in response to a knife attack that resulted in the deaths of three children. In a statement, Keir Starmer vowed that his government would use all available resources to hold the rioters accountable, condemning the violence: “There is no justification for this action. All right-thinking people should denounce this kind of violence. I will not hesitate to call it what it is: far-right thuggery.” His remarks came as police in Rotherham struggled to manage a crowd of rioters attempting to storm a hotel housing asylum seekers. The unrest follows a stabbing at a dance class last week, which killed three girls and left several others injured.

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873 detained in Nigeria cost-of-living protests

Africa /

The number of people detained in ongoing protests against rising living costs in Nigeria has increased to 873 following the removal of gasoline subsidies. Nigerian Police Spokesperson Olumuyiwa Adejobi explained to reporters that there is a distinction between protests and riots. He noted that the 873 detainees are considered “rebellious individuals” who committed offenses during the nationwide protests that began on August 1. Nigerian President Bola Ahmed Tinubu, in a national address on August 4, called for an end to the protests and urged demonstrators to choose dialogue. However, protesters continue their actions, claiming their demands have not been met. At least 17 people have died in the violence that erupted from the protests, with dozens injured and numerous buildings set on fire. Some states have imposed curfews due to the violence. Civil society organizations announced plans for a 10-day nationwide protest starting from August 1 in response to the removal of the gasoline subsidy. President Bola Ahmed Tinubu lifted the gasoline subsidy on May 29, 2023, leading to a sharp increase in fuel prices. The price of fuel, which was 185 naira ($0.24) per liter, surged to 620 naira ($0.82), contributing to the rising cost of living.

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UN: Nuclear weapons represent ‘real and present danger

World /

UN Secretary-General Antonio Guterres warned Monday of the clear and present danger of nuclear weapons. “Nuclear weapons, and the threat of their use, are not confined to history books. They have once again appeared in the daily rhetoric of international relations,” Guterres said in a message to mark the 79th anniversary of the atomic bombing of the Japanese city of Hiroshima by the US. “They represent a real and present danger that remains with us today,” he added. The Aug. 6, 1945 bombing of Hiroshima during World War II left an estimated 140,000 people dead by the end of the year, while an atomic bomb dropped on the city of Nagasaki three days later killed an estimated 74,000 people. “The lessons of Hiroshima, which once guided our collective efforts towards disarmament and peace, have been pushed aside,” Guterres said. While “some are recklessly rattling the nuclear saber once more,” he stressed that the UN endeavors to keep alive the lessons of 1945. He called on the world to stand together to condemn “this unacceptable behavior” and find new solutions to bring disarmament to life. “We will never forget the lessons of 6 August 1945. No more Hiroshimas. No more Nagasakis,” he added.

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Turkey, Somalia discuss cooperation in diplomatic training

Africa /

 Somalia’s Foreign Minister Ahmed Moallim Fiqi met with Mesut Ozcan, the director of the Diplomatic Academy of the Ministry of Foreign Affairs of Türkiye, in the capital Mogadishu late Monday. The two sides discussed enhancing cooperation in the critical areas of diplomatic training and expanding the knowledge base for diplomats. A statement issued by the Somali Foreign Ministry after the meeting said the discussions also delved into fortifying the relationship between the Turkish academy and the Somali Diplomatic Institute, with a “view to elevating the partnership and fostering a robust exchange of experiences and best practices.” It said Fiqi expressed profound gratitude to Türkiye for its steadfast support to Somalia. Ankara has trained more than 80 Somali diplomats over the past 15 years, according to the ministry’s statement. Somalia and Turkey developed their close friendship in 2011 after Turkish President (then Prime Minister) Recep Tayyip Erdogan paid a visit to the country – the first non-African leader to do so in over 20 years. Turkey has strong historical ties with Somalia on the principle of “win-win” relations, including more than 150 development aid projects carried out by the Turkish Cooperation and Coordination Agency (TIKA) since 2011. Turkey also has its largest embassy in Africa in Mogadishu and built its largest overseas military facility there to train the Somali National Army.

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Joint efforts by Egypt and Turkey to address Gaza crisis

World /

Egyptian Foreign Minister Badr Abdelatty and his Turkish counterpart Hakan Fidan discussed efforts to prevent the ongoing conflict in Gaza from escalating into a broader regional war during a joint news conference in Cairo on Monday. The ministers addressed strategies to ease regional tensions, particularly those resulting from the Israel-Hamas conflict. Badr Abdelatty condemned assassination tactics, violations of sovereignty, and the worsening of regional conflicts, emphasizing the urgent need for collective action to prevent a full-scale regional war. Their discussion also covered the crises in Gaza, Libya, Sudan, the unrest in the Red Sea, and the issues in Yemen. Turkish Foreign Minister Hakan Fidan noted that Turkey is closely monitoring Israel’s case at the International Court of Justice and plans to file its application on Wednesday. He highlighted Turkey’s stance that establishing a Palestinian state is crucial for peace in the Middle East and criticized Israel for undermining peace efforts. Both Egypt and Turkey are calling for a ceasefire in Gaza and have condemned recent fatalities, including the death of Hamas leader Ismail Haniyeh. Fidan also met with Egyptian President Abdel Fattah el-Sissi, marking a significant step toward improving relations between Turkey and Egypt after years of diplomatic tension. Diplomatic relations between Ankara and Cairo had been strained for nearly a decade, primarily due to Turkish President Recep Tayyip Erdogan’s support for Egypt’s former Islamist leader, Mohammed Morsi, who was ousted by the military in 2013. In recent years, Turkey has adjusted its position to rebuild ties with el-Sissi’s administration.

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Mali cuts diplomatic relations with Ukraine after terrorist attack

Africa /

Mali announced Sunday that it is cutting off diplomatic relations with Ukraine following an admission of Ukrainian involvement in a recent deadly terrorist attack in the West African country. “The transitional government of the Republic of Mali has learned, with deep shock, of the subversive remarks by which Mr. Andriy Yusov, the spokesperson for the Ukrainian military intelligence agency, has admitted Ukraine’s involvement in a cowardly, treacherous and barbaric attack by armed terrorist groups which resulted in the deaths of elements of the Malian defense and security forces in Tinzaouaten, as well as material damage,” said government spokesman Colonel Abdoulaye Maiga in a statement. The Malian army admitted on Monday a high death toll following clashes in Tinzaouaten in the north of the country, while the Russian-affiliated Wagner Group supporting the Malian army had confirmed Russian losses and the death of a commander following heavy fighting there. The comments were reinforced by Yurii Pyvovarov, Ukraine’s ambassador to Senegal, who openly and unequivocally displayed his country’s support for international terrorism, particularly in Mali, according to Maiga. Maiga said Ukrainian officials have done worse by announcing that there are “more results to come.” “These extremely serious accusations, which have not been denied, show the Ukrainian government’s official support for terrorism in Africa, in the Sahel, and more specifically in Mali,” he declared. The remarks by Yusov and Pyvovarov “constitute acts of terrorism and an apology for terrorism,” he added. The Malian government has therefore decided to break off diplomatic relations immediately, to refer the matter to the competent judicial authorities, and to take the necessary measures to prevent any destabilization of Mali from African states, in particular from Ukrainian embassies in the sub-region, by terrorists disguised as diplomats, and to formally alert regional and international bodies as well as states that support Ukraine to the fact that this country has openly and publicly displayed its support for terrorism. Mali considers support for Ukraine “as support for international terrorism” and an aggression which is part of “the broader pattern of certain actors who actively support and instrumentalize terrorist groups in the region.”

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Death toll from suicide bombing at Somalia beach rises to 37

Africa /

The death toll from a suicide bombing late last week on a crowded beach in the Lido area of the Somali capital Mogadishu rose to 37 on Sunday. “As of now, the number of people killed in the heinous attack stands at 37, while nearly 70 others were wounded,” said Ahmed Abdi, a police officer in Mogadishu who spoke by phone to Anadolu. He said an investigation into the attack is underway, while the government has named a ministerial committee tasked with coordinating the emergency response and support for the wounded. Somali Prime Minister Hamza Abdi Barre, who visited Recep Tayyip Erdogan Hospital in the capital, said security officials and soldiers in charge of the area where the attack took place were arrested due to negligence. “Rest assured, we are taking strict action against those responsible,” Barre said in a brief statement on X. Barre did not elaborate further on how many soldiers and officials were arrested. Lido Beach is frequented by civilians, security officials and businesspeople. The Al-Qaeda-affiliated al-Shabaab terrorist group claimed responsibility for the attack. The blast was one of the deadliest terrorist attacks so far this year in Somalia, which has been plagued by insecurity for years, with the main threats emanating from al-Shabaab and the Daesh/ISIS terror groups. Since 2007, al-Shabaab has been fighting the Somali government and the African Union Transition Mission in Somalia (ATMIS) — a multidimensional mission authorized by the African Union and mandated by the UN Security Council. Al-Shabaab has stepped up attacks since Somali President Hassan Sheikh Mohamud declared an “all-out war” on the group.

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