US threatens Turkey sanctions for release of American pastor, UK retail sales up 0.7%
Below is a selection of the morning's key market news, earning reports & trending stories - see more here.
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UK retail sales increased more than expected yesterday, growing by 0.7%.
The Office for National Statistics released retail sales figures yesterday, which showed a recovery from June’s 0.5% decrease.
The 0.7% increase was much higher than the 0.2% growth anticipated by analysts.
Figures for the three months up to July showed retail sales increasing by 2.1% compared to the previous quarter, the biggest increase since February 2015.
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The United States has threatened to impose sanctions on Turkey if the country does not release a controversial American pastor.
After the recent fall of the Turkish lira, Donald Trump tweeted that Turkey had “taken advantage” of the US for years, and called for the release of Andrew Brunson, who is under house arrest on terrorism charges.
Trump tweeted: “Turkey has taken advantage of the United States for many years. They are now holding our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage. We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!”
Treasury secretary Steven Mnuchin said sanctions on Turkey would follow if Brunson was not released.
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The Dow Jones & Japan’s Nikkei rose on the news that China and the US will hold trade talks next week.
A delegation from China led by vice-commerce minister Wang Shouwen will visit the US to meet David Malpass, undersecretary for international affairs at the Treasury Department.
The new round of talks will be the first since negotiations broke down two months ago.
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On a quiet day for earnings announcements, reported record interim results for the first half of the year.
Global Ports Holding, which is the world's largest independent cruise port operator, saw total revenue increase 13.7% from $49.7m to $56.6m.
The group also recorded record segmental EBITDA, which was up 25.2% to $40.3m.
Emre Sayin, Chief Executive Officer said: "We have seen a record performance in the first half of the year, driven by good organic growth. Passenger volumes at our cruise ports have been strong and we are pleased with robust growth at our commercial ports.
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