Turkey reassures foreign investors / Walmart announces Q2 results / Brexit talks recommence

By Luke Christou

Good morning, here’s your Thursday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.

Turkish Finance Minister reassures foreign investors

Turkish Finance Minister Berat Albayrak will hold a teleconference with foreign investors to discuss the ongoing economic crisis in Turkey.

The Turkish lira has plunged this year, losing more than 40% of its value against the dollar.

Sanctions placed on Turkey by the United States over the imprisonment of evangelic missionary Andrew Brunson have intensified the nation’s problems this week, as President Donald Trump announced that the US would double tariffs on steel imported to Turkey.

The economic crisis, which saw the lira slump to new lows on Sunday, has raised fears among investors both in Turkey and around Europe.

The call will take place at 2pm London time.

Walmart to announce Q2 results

Walmart will today announce its financial results from the second quarter of the 2019 fiscal year, providing an insight into the retail giant’s performance as it attempts to keep up with Amazon.

Walmart, the world’s largest retail chain, has changed its strategy in recent times to stop the online shopping giant chipping away at its market share.

It has exited Germany and South Korea after struggling to break into those markets and turned its attention to emerging markets such as China and India. The company invested $16bn in Indian company Flipkart in May. Likewise, it also invested in Chinese grocery delivery company Dada-JD Daojia earlier this month.

Analysts are expecting Walmart to report earnings of $1.22 a share.

The results will be announced via a pre-recorded phone call, which will be released on the Walmart website at midday London time.

Brexit talks recommence

Brexit negotiations between the United Kingdom and European Union will reconvene today, with discussions over the futures of Ireland and Northern Ireland to dictate talks.

Both sides have agreed that a hard border shouldn’t be placed between a divided Ireland.

However, talks on how to proceed have since hit a stumbling block. The EU has proposed that Northern Ireland should remain part of the EU customs union, single market and EU VAT system when the UK leaves in March. Prime Minister Theresa May has argued that this would create an invisible border between Ireland the rest of the UK.

If the two parties fail to agree on the issue soon, it could delay the UK and EU reaching an agreement on other issues, such as customs, before the end of the transition period.


Yesterday’s highlights

Opening the lid on North Korea’s untapped mineral reserves

Could the Visit Rwanda Arsenal deal reduce Rwanda’s reliance on foreign aid?

Holy grail graphics counter poor Nvidia earnings predictions