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5 things you need to know today

·      A Turkish court has rejected Australia's request to extradite Islamic State terrorist Neil Prakash in a surprise ruling that could see him released from jail unless Turkey decides to prosecute him. Prakash has been held in jail in Gaziantep, in southern Turkey, since he was captured in October 2016 trying to sneak across the border from Syria using a fake ID.

·      US President Trump has challenged the Federal Reserve, saying that he’s “not thrilled” with the interest rate hike, breaking the long-established standard of the White House not commenting on central bank policy.

·      Trump continued his public critiquing overnight, this time condemning the European competition watchdog’s decision to fine Google $US5 billion on Wednesday, tweeting:

“I told you so! The European Union just slapped a Five Billion Dollar fine on one of our great companies, Google. They truly have taken advantage of the U.S., but not for long!See the tweet here.

·      The Australian dollar has been on a rollercoaster ride in the past 24 hours. It surged on the back of strong jobs data, before reversing amid a sharp selloff of the Chinese yuan. However, just as the AUD looked to be reaching a new multi-year low, Donald Trump stepped in to deliver criticism over the Fed raising rates. The remarks saw the AUD immediately begin to recover losses.

·      Overnight in the US, the Dow Jones dropped 0.5% at 25,065, the S&P 500 -0.4% at 2,804 and the Nasdaq -0.4%at 7,825. Meanwhile in Europe the FTSE rose 0.1% at 7,684 and the DAX dropped 0.6% at 12,686.

Published on: Friday, July 20, 2018

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