Turkish Lira Falls After Central Bank Takes Rate Hike Off the Table

Turkey’s troubled lira fell to its lowest level since October on Thursday after its central bank scrapped a pledge to raise interest rates if needed. The monetary tightening pause, now in its seventh month, is repelling investors already worried about double-digit inflation, unorthodox policy, political influence over the central bank’s independence, and dramatic yet unexplained […]

Deutsche Bank and Commerzbank End Merger Talks

German hopes of creating a national banking champion able to challenge global competitors were dashed on Thursday when Deutsche Bank and Commerzbank ended merger talks due to the risks of doing a deal, restructuring costs and capital demands. Germany’s two largest banks announced that nearly six weeks of high-level negotiations about a tie-up had ended […]

Brent Rises After Russian Supply Concerns

Brent oil rose above $75 per barrel on Thursday for the first time this year as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran. Brent crude futures were at $74.95 by 1344 GMT, up 38 cents. They earlier hit a session […]

Germany and Poland Suspend Russian Oil Imports on Contamination Concerns

Germany and Poland have suspended imports of Russian oil amid contamination concerns, prompting a rare crisis over supply from the world’s second-largest exporter. The sudden suspension of imports from the Soviet-built Druzhba pipeline, which runs from Russia via Belarus to central Europe, risks starving major European refineries of their major source of crude. German plants […]

Euro Falls on Softer German Business Confidence

The euro fell against the U.S. dollar on Wednesday after data showing a surprise deterioration in business morale in Germany stoked fears of slowing global growth and weighed on a gauge of world equity markets. The decline in the Munich-based Ifo economic institute’s business climate index bucked expectations for a small improvement and sent U.S. […]