Turkish President Erdogan says he 'cannot forget' Trump's letter

• Turkey's president says his country "cannot forget" the harshly worded letter from U.S. President Donald Trump about the Turkish military offensive into Syria.
• Erdogan said that Turkey would "do what's necessary" concerning the letter "when the time comes." He did not elaborate.

Turkey's president says his country "cannot forget" the harshly worded letter from U.S. President Donald Trump about the Turkish military offensive into Syria. But he says the mutual "love and respect" between the two leaders prevents him from keeping it on Turkey's agenda.

These are Recep Tayyip Erdogan's first comments concerning the Oct. 9 letter from Trump, in which among other things he warned Erdogan not to be a "tough guy."

Speaking to foreign journalists in Istanbul on Friday, Erdogan said that Turkey would "do what's necessary" concerning the letter "when the time comes." He did not elaborate.

Erdogan said: "President Trump's letter, which did not go hand in hand with political and diplomatic courtesy, has appeared in the media. Of course we haven't forgotten it. It would not be right for us to forget it."

Turkish troops and Turkish-backed Syrian fighters launched their offensive against Kurdish militias in Syria a week ago. That came two days after Trump suddenly announced he was withdrawing American troops from the border area.

NVR Q3 Profit Rises

NVR Inc. (NVR) reported that its net income for its third quarter ended September 30, 2019 rose to $223.79 million or $56.11 per share from $195.82 million or $48.28 per share last year.

New orders in the third quarter of 2019 increased by 11% to 4,766 units, from 4,302 units in the third quarter of 2018.

Homebuilding revenues were $1.87 billion up 4% from last year.

Consolidated revenues for the quarter were $1.91 billion, a 3% increase from $1.85 billion in the prior year.

IMF shareholders endorse maintaining resources, delay shareholding changes

WASHINGTON, Oct 18 (Reuters) – The International Monetary Fund said on Friday its 189 member countries had agreed to maintain the IMF’s $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023.

IMF Managing Director Kristalina Georgieva announced the decision at the IMF and World Bank fall meetings, saying that the move will provide confidence that the IMF can adequately support members as they deal with slowing global growth.

U.S. Stock ETFs Strengthen on Positive Earnings, Brexit Deal

This article was originally published on ETFTrends.com.

U.S. markets and stock ETFs were slightly higher after giving up earlier gains fueled by strong earnings and a preliminary Brexit deal with the European Union On Thursday, the Invesco QQQ Trust (NASDAQ: QQQ) was up 0.3%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) rose 0.1%, and SPDR S&P 500 ETF (NYSEArca: SPY) gained 0.3%. […]

Continue Reading Below

Read more at ETFTrends.com >

Trump Announces ‘Phase One’ Of U.S.-China Trade Deal

Following two days of closely watched trade talks, President Donald Trump told reporters on Friday that the U.S. and China have reached a “very substantial phase one deal.”

Trump said the deal includes up to $40 to $50 billion in Chinese purchases of U.S. agricultural products as well as Chinese concessions on intellectual property and financial services.

In exchange for the concessions by China, the U.S. has agreed to hold off on an increase in tariffs originally scheduled for next week.

Trump said the agreement would take about three weeks to write and would likely be signed by both sides by the Asia-Pacific Economic Cooperation summit in Chile in November.

“Phase two will start almost immediately” after the first phase is signed, Trump said in an Oval Office meeting with China’s lead negotiator, Vice Premier Liu He.

Trump made upbeat comments about the negotiations on Twitter earlier in the day, tweeting, “Good things are happening at China Trade Talk Meeting. Warmer feelings than in recent past, more like the Old Days.”

Trump noted in a subsequent tweet that a potential trade deal with China would not have to go through the “very long and politically complex Congressional Approval Process.”

Why Looking At This IndexIQ ETF Is A Good Idea During Volatility

This article was originally published on ETFTrends.com.

ETF Trends spoke with Dan Petersen, director of product management at IndexIQ, about how IQ S&P High Yield Low Volatility Bond ETF (HYLV) has been coming out ahead of other high yield bonds, as of late. It comes as a result of credit risk mitigation. By default, investors have exposure to credit risk just by […]

Continue Reading Below

Read more at ETFTrends.com >

Is The Fed Likely To Cut Rates At The Next Meeting?

This article was originally published on ETFTrends.com.

New evidence has been mounting that the Federal Reserve could soon take a break in its latest rate-cutting cycle, and, depending on economic data and developments in trade talks, that could happen at, or more likely, after the Oct. 29-30 meeting, say experts. Chicago Fed President Charles Evans, who had championed the last two rate cuts, said […]

Continue Reading Below

Read more at ETFTrends.com >

When It Comes to Smart Beta ETFs, It Is Important to Look Under the Hood

This article was originally published on ETFTrends.com.

The ETF industry has experienced some innovations in alternatively-weighted indices that can now help investors focus on company fundamentals to help improve outcomes. In the recent webcast, It’s Fundamental: The Difference Between Smart Beta and Intelligent Beta, Rene Casis, ETF Portfolio Manager, American Century Investments, and Sandra Testani, Director of Product Management – Alternatives and […]

Continue Reading Below

Read more at ETFTrends.com >