İpek Özkardeşkaya

The dollar surged, stocks rallied, and bitcoin struck a record high on Wednesday as the world gears up for a Donald Trump presidency that analysts say could rekindle inflation.

The Republican candidate made a stunning political comeback as he defeated Vice President Kamala Harris to return to the White House, four years after losing it to Joe Biden.

Eight members of the OPEC+ group of oil-producing nations have said they were extending supply cuts until the end of December.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent U.S. presidential election, though analysts predict a limited impact.

Alamy Photo

The Turkish Lira sank to a new low against the dollar yesterday, more than a week after the reelection of President Recep Tayyip Erdoğan.

The currency, which was propped up by the Central Bank before the presidential election, fell 6.7 percent to 23.16 liras per dollar in the afternoon trade.

When Credit Suisse's unveils what are likely its final quarterly results Monday, investors will be seeking clues to the magnitude of the challenges awaiting UBS, after it was strongarmed into taking over its stricken rival.

Global oil prices rose after several leading producers, led by Saudi Arabia, surprisingly announced production cuts, AFP reported.

Crude futures rose nearly eight percent, a day after several OPEC+ members unexpectedly announced production cuts totaling more than one million barrels per day.

Turkey will be one of post-Brexit Britain's top destinations for a trade deal after the European Union and the U.S., but despite the strong bilateral desire to strike a trade pact, experts are cool on the prospects of it happening anytime soon.

The U.K. formally left the EU on Jan. 31, 2020 but will remain in a transition period with the EU and Turkey until Dec. 31 this year.