Finance Brief: Oil crashes, gold surges, and Türkiye's fund scandal reaches the courts
Finance Brief: Oil crashes, gold surges, and Türkiye's fund scandal reaches the courts
Oil just had one of its sharpest falls of the year, and gold jumped as investors ran for safety. For readers in Türkiye, the same week brought the fund scandal into the courtroom and a big payday for savers caught in liquidated funds.
Brent crude is trading near $95 a barrel after an 8 to 9 percent slide on Wednesday, the sharpest drop in months, as traders priced in easing tensions over Iran and a softer demand outlook. Gold is the other side of the same trade, near $4,123 an ounce, up about 1.4 percent, with central banks buying at a record pace. In Istanbul, the BIST 100 is holding near 11,538, up about half a percent, and the lira is holding below 50 to the dollar.
In Türkiye, the money story is the fund scandal. Finance Minister Mehmet Simsek said 130.2 billion lira has been paid out to 614,874 accounts in funds under liquidation, and 179,449 people have recovered their full net investment. At the same time, the investigation widened: Ilyas Kaya, his wife Fatma Betul Sayan Kaya, and former Capital Markets Board chairman Ibrahim Omer Gonul were called to Istanbul courthouse to give statements as suspects.
Two longer-term Turkish bets also moved this week. Netflix committed 10 billion lira, about $200 million, to Turkish films and series for 2026-2028. And Türkiye will launch a decarbonisation investment platform at COP31 in Antalya next week, targeting more than 5 billion euros of green industrial investment by 2030.
What to watch: the US jobs report on Friday, which will shape the Fed's next move, and COP31 opening in Antalya on November 9, where the platform's backers sign on.
Information only, not financial advice.
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