U.S. President Joe Biden announces the first emergency SPR release in a decade. More than 50mn barrels will be freed up in a bid to blunt spiking prices. In Germany, the new coalition government is expected to be unveiled today, after an impasse over who would lead the Bundesbank, and a last-minute intervention from acting Chancellor Angela Merkel. A massive sell-off of the Turkish lira sends it to historic lows against the dollar, with inflation in the country soaring to near-20 per cent and as President Erdogan vows to win an ‘economic war of independence.’See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.