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OFFON

Romain
Fournier

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THE DAILY MACRO BRIEF: E-cigarettes, Donald Trump and Turkey

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09/14/2018 | 02:36pm CET

Every day, we review the macroeconomic and geopolitical news impacting financial markets around the world. Today, e-cigarette is being targeted by the FDA, Hurricane Florence's nightmare continues, Donald Trump makes inappropriate comments, and Turkey's central bank finally acts. Here are the main events of the day, updated regularly.

E-cigs manufacturers in trouble. According to new Florida Youth Tobacco Survey data, e-cigarette use among Florida youth increased significantly  in just one year. The youth rate of current e-cigarette use rocketed by 60.2 percent. This led the U.S. Food and Drug Administration to give the five top-selling e-cigarette brands - namely  JUUL, Vuse, MarkTen, blu and Logic - 60 days to provide plans for keeping their products from being used my minors. Some brands are being accused of selling flavors that appear to particularly appeal to youngsters, such as bubblegum or marshmallow. The FDA also announced it issued more than 1,300 warning letters and fines to retailers.

Hurricane Florence reached the Carolina coasts last night. Onshore wind gusts reached 100 miles per hour. The Category 1 storm is expected to affect not only seaside resorts, but also incities much farther west.  South Carolina’s governor, Henry McMaster, talked about the possibility-of rain-triggered landslides in the mountains at a news conference on Thursday. The storm could drop rainfall of 20, 30 or even 40 inches in some areas.

President Trump thought the arrival of Hurricane Florence was an appropriate time to boast about his response to last year Hurricane Maria in Puerto Rico. He called the federal response to that storm an “incredible, unsung success” and rejected the official estimate that almost 3,000 people had died.

Turkey's central bank takes action on strained economy. Despite pressure from President Erdogan, who was against any increase, the Turkish central bank raised interest rates to halt the fall of the lira and curb inflation, which reached 18%. The currency rebounded by 6%.To further reassure the markets, the central bank stated in a press release that it would "use all available levers to ensure price stability".
 
The first Moon tourist. Elon Musk’s SpaceX announced that it had signed up the first private passenger  to fly around the moon. It didn’t provide a timetable or other details about the plan. No manned missions have returned to lunar orbit since NASA's Apollo 17 in December 1972.
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.30% 25350.19 Delayed Quote.1.46%
LONDON BRENT OIL 0.27% 66.742 Delayed Quote.3.53%
NASDAQ 100 -0.60% 6843.9284 Delayed Quote.6.76%

Romain Fournier
© MarketScreener.com 2018
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