News from Around the World

Trump Softens Tone on China, Iran at G-7 Summit

BIARRITZ, France—President Trump struck a conciliatory tone on the final day of the Group of Seven summit, where he faced pressure from French President Emmanuel Macron to de-escalate the trade war with China and ease tensions with Iran.

At a joint news conference with Mr. Macron, Mr. Trump said he was open to meeting with Iranian President Hassan Rouhani. The remarks came hours after the Iranian leader signaled that he too was open to talks, and Mr. Macron said he hoped the two leaders would speak in the coming weeks.

Trump welcomes Chinese trade negotiators amid border drama

Washington (CNN) - It could be a make-or-break week for the delicate trade negotiations between the United States and China as they drift further beyond the ambitious 90-day clock set last year by the leaders of the world's two largest economic superpowers.

Trump’s Feud With the Fed Is Rooted in Presidential History

President Trump has made heckling the Federal Reserve, and its chair, Jerome H. Powell, something of a sport. He has berated Mr. Powell for raising interest rates and taking steps to end a crisis-era stimulus program, likening the Fed to a powerful golfer who has “no touch” and cannot win.

The past provides some precedent for that frayed relationship.

Trump’s World Bank Nominee Tries to Distance Himself From the President

WASHINGTON — When President Trump selected David Malpass to lead the World Bank last month, he showered his nominee with gratitude for years of loyal support, praised his intelligence and made one thing abundantly clear: The World Bank under his watch must put America first.

Turkey Inflation Returns to Double Digits and May Stay There

Turkish inflation returned to double digits in November, possibly limiting the central bank’s ability to continue aggressively cutting interest rates.

Consumer prices grew 10.6% from a year earlier, compared with an increase of 8.6% in October, the Turkish statistics agency said on Tuesday. The median of 21 forecasts in a Bloomberg survey was 11%. Prices rose 0.4% in the month.

Turkey unveils plan to fight currency crisis

Turkey’s finance minister tried to rebuild shattered market confidence in his government’s ability to manage the economy by promising to cut public spending by nearly $10bn in a sweeping austerity programme that would put the brakes on growth.

The announcement by Berat Albayrak, who was put in charge of the economy two months ago by his father-in-law, President Recep Tayyip Erdogan, comes just a week after a surprise decision by the central bank to sharply raise interest rates in the face of a mounting currency crisis.

Turkish central bank stirs concerns with opaque funding tool

Turkey’s central bank has sparked a fresh wave of concern among investors and analysts after saying it is supplying billions of liras to the financial system through an opaque market.

After a heated series of questions from journalists and analysts on Thursday, governor Murat Uysal publicly acknowledged for the first time that the central bank has been using the Istanbul stock exchange to conduct swap operations — taking dollars from Turkish financial companies in exchange for lira — as a means of “providing funding to the banks”.

U.A.E. Economy Starting to Recover From Lower Oil, IMF Says

U.A.E. to Use Equipment From Huawei Despite American Pressure

BARCELONA, Spain — The United Arab Emirates said on Tuesday that it would use equipment from the Chinese technology giant Huawei to build a new high-speed wireless network, despite pressure by the United States to steer clear of the company’s products.

U.K. Economy Shrinks for First Time Since 2012 as Brexit Worries Take a Toll

LONDON—The British economy unexpectedly contracted in the second quarter as uncertainty over the country’s planned departure from the European Union on Oct. 31 took its toll on business confidence.