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Wall Street Futures Climb on Fed Cut Hopes as Bitcoin Extends Steep Decline

US markets staged a rebound Friday morning, with futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq all moving higher after a turbulent week. The rally was fueled by growing bets that the Federal Reserve could cut interest rates at its upcoming December meeting, following dovish comments from New York Fed President John Williams. His remarks shifted sentiment sharply, with nearly 70% of traders now expecting a rate cut. Dow futures gained 0.7% , leading the advance. S&P 500 futures rose 0.5% , while Nasdaq futures added 0.4% . The optimism comes after Thursday’s sharp sell-off, underscoring the volatility gripping markets as investors weigh AI-driven risks and Fed policy divisions. Meanwhile, cryptocurrencies continued to struggle. Bitcoin plunged to around $82,000 , marking its worst month since the 2022 crypto collapse. The decline reflects heavy institutional outflows, miner sell-offs, and broader risk-off sentiment across digital assets.
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Turkey Converts Former Byzantine-Era Church into Mosque: A Controversial Move

 

 On Monday, Turkish President Recep Tayyip Erdogan formally opened the former Byzantine church of St. Saviour in Chora, known as Kariye in Turkish, as a mosque. This move comes four years after the Turkish government designated it a Muslim house of prayer, despite criticism from neighboring Greece1.

Historical Context

The Church of St. Saviour in Chora has a rich history. Dating back to the fourth century, it underwent significant transformations over the centuries. The current structure took shape during the 11th and 12th centuries. It served as a mosque during Ottoman rule before being converted into a museum in 1945. Like Istanbul’s iconic Haghia Sophia, which also underwent a similar transformation, the Chora Church is listed as a U.N. World Heritage Site.

Controversy and Criticism

Greece and other countries had urged Turkey to protect these important Byzantine-era monuments. The decision to convert both Haghia Sophia and the Chora Church back into mosques drew praise from Muslim faithful but raised concerns internationally. Critics accused Ankara of “insulting the character” of these World Heritage Sites. The moves were seen as part of an effort to consolidate the conservative and religious support base of Erdogan’s ruling party amid an economic downturn.

Restoration and Formal Launch

The formal launch of the Chora Church as a mosque was delayed due to restoration work. Erdogan presided over the ceremony remotely from a conference hall at his palace complex in Ankara. The church, located near Istanbul’s ancient city walls, is renowned for its elaborate mosaics and frescoes. Despite the controversy, Erdogan expressed hope that the conversion would bring good fortune.

Turkey’s decision to convert historical sites like the Chora Church and Haghia Sophia has sparked debates about cultural heritage, religious identity, and political motivations. As the world watches, these monuments continue to be at the center of a complex and multifaceted discussion.

The Associated Press, founded in 1846, remains a trusted source of factual reporting and essential news services worldwide. Turkish President Recep Tayyip Erdogan’s latest move adds another layer to the ongoing dialogue about the intersection of history, religion, and national identity.


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