US Vice President Meets EU Commission Chief, Hopes to Move Forward Trade Talks

US Vice President JD Vance, Italy's Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen meet at the Chigi Palace in Rome, Italy, Sunday, May 18, 2025. (Reuters)
US Vice President JD Vance, Italy's Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen meet at the Chigi Palace in Rome, Italy, Sunday, May 18, 2025. (Reuters)
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US Vice President Meets EU Commission Chief, Hopes to Move Forward Trade Talks

US Vice President JD Vance, Italy's Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen meet at the Chigi Palace in Rome, Italy, Sunday, May 18, 2025. (Reuters)
US Vice President JD Vance, Italy's Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen meet at the Chigi Palace in Rome, Italy, Sunday, May 18, 2025. (Reuters)

US Vice President JD Vance met European Commission President Ursula von der Leyen and Italian Prime Minister Giorgia Meloni on Sunday, and said he hoped their encounter would help move forward trade talks between the EU and the United States.

"Europe is an important ally of the United States... but, of course, we have some disagreements, as friends sometimes do, on issues like trade," Vance said, sitting alongside von der Leyen and Meloni in Rome after they had all attended Pope Leo's inaugural Mass.

"I think we'll have a great conversation, and hopefully it will be the beginning of some long-term trade negotiations and some long-term trade advantages between both Europe and the United States," he added.

The White House has imposed a 25% tariff on imports of steel, aluminium and cars, as well as a baseline 10% tariff on almost all countries, with additional "reciprocal" tariffs -- making for a combined 20% in the EU's case -- lined up if negotiations during a 90-day pause fail.

Von der Leyen said the trade relationship between the European Union and the United States was the largest in the world and worth more than $1.5 trillion a year.

She added that the two sides had exchanged negotiating documents outlining the various areas of future discussion.

"It is important now we've exchanged papers that our experts are deep diving, are discussing the details," she said.

"Everybody knows that the devil is in the detail, but what unites us is that at the end, we want together to have a good deal for both sides," she added.

Von der Leyen has not managed to hold a formal meeting with US President Donald Trump since he regained the US presidency in January, exchanging words only briefly at Pope Francis's funeral last month at the Vatican.

Besides discussing tariffs, she said she also wanted to talk to Vance about Ukraine and defense spending.



Turkish Monthly Inflation Near 3%, Keeping Pressure on Central Bank

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
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Turkish Monthly Inflation Near 3%, Keeping Pressure on Central Bank

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)

Turkish inflation cooled to 2.96% on a monthly basis in February while the annual figure rose to 31.53%, largely as expected, according to official data on Tuesday that tees up a tough rate decision for the central bank next week.

Beyond the price pressure, market turmoil due to war between US-Israel and neighboring Iran prompted emergency measures by the central bank, including some $8 billion in FX sales on Monday, resulting in a roughly 300 basis-point rise in ‌the overnight rate to ‌about 40%.

Analysts say the central bank could respond ‌by ⁠officially halting an easing ⁠cycle that began in late 2024. In January, the monetary policy committee trimmed the bank's main policy interest repo rate by 100 basis points to 37%.

In January, monthly consumer price inflation surged to a higher-than-expected 4.84% while the annual rate slipped to 30.65%.

In February, monthly inflation was driven by a 6.89% surge in food and drinks prices, according to the Turkish Statistical Institute, marking ⁠the second month of pressure that has raised worries ‌about a disinflation trend that began in ‌2024 but recently slowed.

Finance Minister Mehmet Simsek said he expected the recent high food ‌price increases to be offset in the coming period, depending on weather ‌conditions, while acknowledging the energy price rises triggered by the Iran conflict.

"We are working to limit the inflationary impact of rising oil prices due to geopolitical developments," he said, adding that all policy tools are being used in coordination to sustain the ‌disinflation process.

In a Reuters poll, monthly inflation was forecast to be 3% with the annual rate seen at ⁠31.55%.

The data ⁠also showed the domestic producer price index rose 2.43% month-on-month in February for an annual increase of 27.56%.

The central bank has in recent weeks kept rate-cut expectations on track even as it has repeated it was ready to tighten policy if needed.

JPMorgan - which like most analysts had previously predicted another cut at the central bank's March 12 policy meeting - said on Monday it now expects the bank to hold rates. It also revised its year-end inflation forecast to 25% from 24%.

Last month, the central bank nudged up its year-end inflation forecast range by two percentage points to 15–21% and maintained its interim 16% target, despite market doubts over whether the downward trend seen throughout 2025 is on track.


Gold Retreats as Firmer Dollar Offsets Geopolitical Safe-haven Support

FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Gold Retreats as Firmer Dollar Offsets Geopolitical Safe-haven Support

FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

Gold prices eased on Tuesday, pulled back by a stronger dollar, while investors assessed the impact of an escalating US and Israeli air war against Iran.

Spot gold was down 0.4% at $5,305.23 per ounce, as of 0646 GMT. In the previous session, bullion climbed to its highest point in more than four weeks after the US and Israel launched strikes on ‌Iran over ‌the weekend.

US gold futures for April delivery ‌were ⁠up 0.3% at $5,326.40.

The ⁠dollar hovered close to a more than five-week high reached on Monday, supported by firm demand and cautious market sentiment. A stronger greenback typically makes dollar-denominated assets such as bullion more expensive for foreign buyers.

"Inflationary concerns are proving to be of benefit to the dollar while being of some hindrance to the gold ⁠price," KCM Trade chief market analyst Tim Waterer ‌said.

"Gold would arguably be trading ‌higher than current levels were it not for dollar appreciation since the ‌conflict intensified."

A senior official from the Iranian Revolutionary Guard Corps (IRGC) ‌said the Strait of Hormuz has been closed and warned Iran would fire on any ship trying to pass through the strategic waterway, according to Iranian media.

This is Iran's most explicit warning since ‌telling ships it was closing the export route on Saturday, a move that threatens to choke a ⁠fifth of ⁠global oil flows and send crude prices sharply higher.

US President Donald Trump has warned of a "big wave" of further attacks coming soon, without providing specific details.

"Persistent safe-haven demand due to the ongoing conflict is keeping a floor under the gold price," Waterer added.

The attack on Iran has pitched the Gulf into war, killing scores of civilians in Iran, Israel and Lebanon, thrown global air transport into chaos and shut down shipping through the Strait of Hormuz.

Silver fell 5.8% to $84.25/oz, after climbing to a more than four-week high on Monday. Platinum lost 4.4% to $2,200.89/oz, palladium fell 1.2% to $1,745.26.


Egypt’s Non-Oil Private Sector Contracted in February as Costs Rose

Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)
Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)
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Egypt’s Non-Oil Private Sector Contracted in February as Costs Rose

Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)
Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)

Egypt's non-oil ‌private sector output contracted in February for the first time in four months, as demand softened and cost pressures intensified, S&P Global reported on Wednesday.

The headline Purchasing Managers' Index (PMI) fell to 48.9 in February from 49.8 in January, remaining below the 50.0 threshold that separates growth from contraction. ‌Despite the decline, ‌the PMI was above ‌its ⁠long-run average of ⁠48.3.

Output declined for the first time since October, and all five sub-components of the PMI indicated a weakening in business conditions compared to January.

"The February PMI data pointed ⁠to a slowdown in ‌the Egyptian non-oil ‌private sector as activity curtailed and new ‌order volumes weakened," said David Owen, ‌Senior Economist at S&P Global Market Intelligence.

New orders saw a modest contraction, with downturns in manufacturing, wholesale & retail, and services, ‌while construction experienced an increase in new work. Employment fell for ⁠the ⁠third consecutive month, albeit at a slower pace, as firms implemented hiring freezes and job cuts.

Cost pressures accelerated, driven by rising global commodity prices, notably oil and metals, leading to the sharpest increase in business costs in nine months. Despite this, selling prices remained largely unchanged, with only a small fraction of firms passing on the higher costs to customers.