Asian shares gain on US-China trade talks, lira recovers

17 August, 2018, 15:37 | Author: Lora Ball
  • Erdogan Tells Turks to Buy Crumbling Lira as Trump Turns the Screws

Investors said Albayrak's conference call was going to be a key test of whether Turkey can convince the market that its monetary policy is not hostage to political influence.

"The tariffs that the United States placed on Turkey were out of national security interests, theirs are out of retaliation", she noted, refusing to reveal U.S. further actions to respond to Ankara's statement. She wouldn't be drawn on whether the Trump administration would respond.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

Erdogan has called for a boycott of United States electronic goods and Turkish media have given extensive coverage to anti-US protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.

An Istanbul court allowed the release of Amnesty International's Turkey chair Taner Kilic Wednesday, who spent more than a year in jail over alleged links to the 2016 coup bid.

Turkish officials say Brunson's case is a matter for the courts.

The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday.

The minister ruled out imposing limits on money flows, NTV said.

The drop in the Turkish lira is attracting more interest from tourists, including last minute travelers, as well as prospective real estate buyers.

Turkey was one of the first countries to reject this siege and support Qatar by establishing air bridges.

More news: Why Arsenal shouldn't give up on Petr Cech yet

"Contagion risks centre on Spanish, Italian and French banks exposed to Turkish foreign currency debt, as well as Argentina and South Africa", warned analysts at ANZ.

Price comparison site TravelSupermarket.com says it has seen a 19 percent increase in searches for Turkey in the August 9-15 period compared with the previous week.

Spotblue, a British website focused on Turkish real estate, says the number of people visiting its site has more than doubled since last week.

President Recep Tayyip Erdogan accused the United States of seeking to "stab" Ankara "in the back" - deepening the row between the two countries. "This is very easy to resolve", the administration official said.

Elsewhere, the dollar dipped against a basket of currencies .DXY , moving further away from its highest levels since June 2017, hit earlier in the week as investors bought the USA currency in a flight to safety.

The U.S. and Turkey reportedly were talking about improving relations, even as the latter hit back against the former with tariffs of its own.

US stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States this month and Turkey's lira continued its recovery.

Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting foreign exchange swaps and cancelling repo auctions to push up the average cost of bank funding.

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