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US and Russian officials have met in Turkey to discuss ways of normalizing the operations of their countries' embassies. Russia's state-run Tass news agency says the US and Russian diplomats held talks for five and a half hours at the Russian Consulate General in Istanbul on Thursday. The officials reportedly agreed to make it easier for diplomats to travel and receive visas. The agency also says the two sides discussed the need to resume direct air service between the countries. The Russian side is said to have mentioned that it...

Stock markets are extending a brutal selloff as Trump's trade tariffs spark investor fears.Asian markets are suffering due to concerns over tariffs hitting earnings and economies.Commodities are falling amid recession fears while the Japanese yen has risen as a haven currency.A brutal stock market selloff intensified on Monday as investor fears over the fallout from US President Donald Trump's sweeping new trade tariffs set in.Asia's stock markets opened the week deep in the red as investors fret over the impact of Trump's tariffs on company earnings and economies.The MSCI Asia...

Cryptocurrencies sold off sharply heading into the week in Asia, underscoring a clear risk-off sentiment across markets.Bitcoin shed about 7% of its value from Sunday night through to Monday morning in Singapore to reach a low point of $77,077. Second-ranked token Ether plummeted to $1,538, an intra-day low not seen since Oct. 2023. Both Bitcoin and Ether later pared losses. The slide comes as US president Donald Trump dug in on sweeping tariffs that have already wiped trillions in value from US equities. US equity-index futures slumped and the Yen...

Asia hours surge complicates FX options market-making - Risk.net End of drawer navigation content Skip to main content Late tariff announcements in US trigger hedging headaches during less-liquid Asia sessions Since the start of Donald Trump’s second US presidency, many of his tariff-related social media posts have tended to appear late New York time.This piles extra pressure on the Asia trading session when G10 currencies are less liquid and creates risk management challenges for foreign exchange options market-makers.Barry McCarthy, head of FX derivatives trading for North America at Deutsche Bank,...

(Bloomberg) -- India’s dollar stockpile had its biggest weekly gain in over three years, bolstered by the Reserve Bank of India’s currency swap operations last month.Foreign exchange reserves grew by $15.3 billion to nearly $654 billion in the week to March 7, data released on Thursday showed. That is the highest weekly gain since Aug. 27, 2021, according to Bloomberg-compiled data.This comes after the central bank injected $10 billion through a foreign-exchange swap auction on Feb. 28, stepping up efforts to ease a cash crunch in the financial system. The...

(Bloomberg) -- India’s dollar stockpile had its biggest weekly gain in over three years, bolstered by the Reserve Bank of India’s currency swap operations last month.Foreign exchange reserves grew by $15.3 billion to nearly $654 billion in the week to March 7, data released on Thursday showed. That is the highest weekly gain since Aug. 27, 2021, according to Bloomberg-compiled data.This comes after the central bank injected $10 billion through a foreign-exchange swap auction on Feb. 28, stepping up efforts to ease a cash crunch in the financial system. The...

The Mexican peso slumped after U.S. President Donald Trump imposed new import tariffs against the country, though other developing-nation currencies held their own amid concerns about the impact of the escalating trade war on growth in the world’s largest economy. The peso fell as much as 1% against the dollar, extending its decline to a fourth day and hitting the weakest level in a month after the 25% duties came into effect, together with levies on Canada and China. Investors are awaiting Mexico’s response, with President Claudia Sheinbaum expected to...

Japan was also in the firing line on Monday.The US president accused the country of currency manipulation, and hinted he might respond with tariffs. Trump said other countries are deliberately pushing down the value of their currencies to give their economies a competitive advantage. He singled out Japan and China. Trump said he had phoned Chinese President Xi Jinping and Japanese leaders. He said he told them that they can't continue to devalue their currencies against the dollar because it's unfair to the US. Trump said the easy solution for...