The Turkish lira plunged to an all-time low against the dollar on Wednesday, after police raided the home of Istanbul's powerful opposition mayor, Ekrem Imamoglu.

The currency was trading at 39 liras per dollar after the mayor, a key opponent of President Recep Tayyip Erdogan, was detained over a corruption probe, a move denounced by his opposition CHP party as a "coup".

With U.S. support for Ukraine in doubt, Kyiv's European allies are weighing whether to seize $300 billion in frozen Russian assets and use the money to compensate Ukraine, support its military and help rebuild shattered homes and towns.

For now, the assets are still on ice, with opponents of seizure warning that the move could violate international law and destabilize financial markets.

Cabinet failed Monday to approve a mechanism for administrative appointments, deciding to continue discussions in Thursday’s session, which had been dedicated to naming a new central bank governor, a media report said.

U.S. shoppers stepped up their spending just a bit in February after a sharp pullback the previous month, signaling that Americans are shopping more cautiously as concerns about the direction of the economy mount.

Retail sales rose just 0.2% in February, a small rebound after a sharp drop of 1.2% in January, the Commerce Department said Monday. Sales rose at grocery stores, home and garden stores, and online retailers. Sales fell at auto dealers, restaurants, and electronics stores.

Chinese government officials on Monday outlined steps they are taking to try to boost domestic demand by getting consumers to spend more as a tariff war launched by U.S. President Donald Trump threatens to curb the country's exports.

The central bank will study creating new tools to increase low-cost funding for important consumption areas, said Che Shiyi from the People's Bank of China, the central bank.

Wall Street was poised to open slightly lower Monday morning after U.S. President Donald Trump told reporters he was pushing forward with more tariff hikes despite concerns about their impact on the economy and markets.

Futures for the S&P 500 inched back 0.1%, while futures for the Dow Jones Industrial Average slipped 0.3%. Nasdaq futures were essentially unchanged.

The government will not resort to writing off deposits but will rather adopt an organized mechanism for returning them gradually, Finance Minister Yassine Jaber has said.

China has ordered banks and other financial institutions to encourage more consumer financing and use of credit cards as part of a campaign to get people to spend more.

The order Friday from the country's financial regulator is part of the ruling Communist Party's latest push to build more confidence among consumers who are opting to save rather than spend, worried over jobs and the outlook for the economy.

Qatar will provide natural gas supplies to Syria with the aim of generating 400 megawatts of electricity a day, in a measure to help address the war-battered country's severe electricity shortages, Syrian state-run news agency SANA reported Friday.

Syria's interim Minister of Electricity Omar Shaqrouq said the Qatari supplies are expected to increase the daily state-provided electricity supply from two to four hours per day.

The British economy unexpectedly shrank during January, piling pressure on Treasury chief Rachel Reeves before a key statement about the state of the public finances later this month.

Official figures Friday showed that the economy, the world's sixth-largest, saw output drop by 0.1% during the month, in contrast to expectations for a modest increase and December's solid 0.4% gain.