In this week's episode, I talk to Piers about a new variant of the coronavirus (B.1.1.529) which has been identified in South Africa. Although case rates are low, early signs suggest the new variant is out-competing others far faster than Beta and even Delta. We review how markets have reacted and what to look out for next.

The other big story of the week was that US President Joe Biden announced Monday that he is renominating Jerome Powell for a second term as Federal Reserve chair. We discuss what this means in the context of an improving labour market and heightened inflation after Goldman Sachs said they believe the Fed will now accelerate their taper programme to $30bln/mth come January.

A final comment is reserved for what the heck happened in Turkey this week after the Lira collapsed 15% on Tuesday! We explain the rationale behind Erdogan's unorthodox views and what it means for international and domestic investors.

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MM045: A new COVID risk emerges & collapse of the Turkish Lira explained 54:40 Share

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MM045: A new COVID risk emerges & collapse of the Turkish Lira explained