Economy

Erdogan Says Turkey Will Boycott US Electronics

Erdogan Says Turkey Will Boycott US Electronics”

Meanwhile, the Turkish lira was in recovery mode after tumbling Monday to fresh record lows versus the dollar and euro as Washington and Ankara trade barbs Turkey's detention of an American pastor. A string of robust earnings also boosted US shares.

But the rise in USA shares did not carry through to Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipping 0.15 percent after bouncing 0.4 percent the previous day when the lira showed signs of stabilising. Signs of the world's second-largest economy losing momentum and the ongoing Sino-U.S. trade conflict have weighed on Chinese equities.

The Russian ruble, which lost two per cent on Monday, jumped 1.7 per cent, while the South African rand was 2.2 per cent higher, having lost seven per cent a day earlier.

The evangelical pastor is accused of terrorism charges and aiding the network of a USA -based Islamic preacher blamed by Ankara for masterminding a coup attempt in July 2016 against Turkish President Tayyip Erdogan.

But concerns remain about how the crisis will pan out, with Turkish President Recep Tayyip Erdogan in a combative mood, accusing Washington of plotting against his country, and calling for a boycott of U.S. electronic goods.

Following a day of gains on Tuesday, investors were again in a bearish mood, driving down markets in Tokyo, Hong Kong and Shanghai, but the Turkish lira was spared the freefall of recent sessions.

The chief executive of Turkey's Akbank said the banking sector remained strong and the measures taken to support the market had started to have an impact, adding there was no withdrawal of deposits.

Package holiday giant Thomas Cook said this month, before the lira crisis struck in earnest, that it has seen a 63 percent increase in bookings for Turkey from previous year, with Antalya now its most popular airport for British holidaymakers.

The dollar index that tracks the greenback against six currencies, rose above 96.9 for the first time since late June 2017. Ankara retaliated on Wednesday by doubling tariffs on some us imports including cars, alcohol and tobacco. "Europe's banks will have to reserve more against these potential losses, and already low capital adequacy ratios will be tested", wrote Carl Weinberg, chief global economist at High Frequency Economics.

Against the yen, the dollar edged down about 0.1 percent to about 111.165 yen.

U.S. crude oil fell 2.95 per cent to $US65.06 per barrel and Brent was last at $US70.83, down 1.95 per cent on the day after data showed United States crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook. China's onshore yuan weakened to a 15-month low above 6.9 per dollar after the country's central bank set the lowest mid-point since May 2017 following the dollar's broad surge.

US crude oil CLcv1 fell 3.18 percent to $64.91 per barrel and Brent LCOcv1 was last at $70.75, down 2.36 percent on the day after data showed a surprise weekly increase in USA crude stockpiles, compounding worries about a weaker global economic growth outlook.

Brent crude futures dipped 0.2 percent to $72.31 a barrel and US crude shed 0.35 percent to $66.81 a barrel. The common currency traded at 1.1280 Swiss franc, near a 13-month low of 1.1266 franc touched overnight.



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