Economy

Asian markets mixed after Wall St falls on Turkey jitters

Asian markets mixed after Wall St falls on Turkey jitters”

It has vowed to provide banks with "all the liquidity the banks need".

"We are together in North Atlantic Treaty Organisation and then you seek to stab your strategic partner in the back". "Can such a thing be accepted?"

A rise in interest rates is still on the cards, analysts say, as could be a possible loan from the International Monetary Fund to tide Ankara over, just like Argentina recently negotiated a $50 billion loan with the IMF to stem the decline of the peso which fell 35 percent between April and June.

In early European trade on Monday, the lira was trading at 6.6 to the dollar, a loss of another 3.3 percent on the day but recovering from even sharper losses in earlier Asian trade which it struck a record low of 7.2362 to the dollar.

The lira currency, which has lost more than 40 percent against the us dollar this year, pulled back from a record low of 7.24 earlier on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown continued to rattle global markets. But world stock traders were dismayed the bank did not raise interest rates, which is what many economists believe is necessary to ease the crisis.

Brunson was arrested in Turkey in 2016 as the government launched a crackdown against perceived enemies in the wake of a failed military coup. Trump has called the preacher's detention a "total disgrace".

Turkish President Recep Tayyip Erdogan says his country will boycott US -made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis.

TURKISH TURMOIL: Turkey's central bank announced measures to help its banks, but the country's lira and stock market slid further. Yet he remained optimistic, saying "it is not at all like we sank and we are finished.The dynamics of the Turkish economy are solid, strong and sound and will continue to be so".

In corporate news, German conglomerate Bayer took a dive after a USA jury ruled against its Monsanto unit on Friday and awarded US$289 million to a former school groundskeeper who said that exposure to Monsanto's Roundup weed killer caused cancer. "This a plot to force Turkey to surrender in every field from finance to politics, to make Turkey and its people to kneel down".

President Trump last week imposed sanctions on Turkey over its refusal to release an imprisoned United States preacher.

"What is the reason for all this storm in a tea cup? This is called carrying out an operation against Turkey".

The currencies of China and other economies in the region rest on much sounder foundations than the stricken Turkish lira.

Erdogan has remained defiant throughout the crisis, portraying the lira's slide as the effect of economic sabotage against Turkey, while urging his citizens to sell dollars and gold to support the local currency.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars. You should know that to keep this nation standing is. also the manufacturers' duty", he said.

In addition, Erdogan also threatened the United States to "start looking for new friend and allies", if the row isn't resolved soon.

The Turkish president is angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt. The two countries already cooperate regarding Syria and have established close energy and trade ties.

He said: 'You act on one side as a strategic partner, but on the other you fire bullets into the foot of your strategic partner.

Turkey scrambled a delegation to Washington last week to stave off the crisis but no deal has been reached.



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