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.

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"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 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.


  • Samsung Launches Galaxy Note 9 with 128GB Base Model

    Samsung Launches Galaxy Note 9 with 128GB Base Model

    However, Spotify and Samsung partnership announcement was one of the most unexpected parts for the launch event. But it also means that Galaxy Note 9 users will be waiting for quite a while for the update to Android 9 Pie .
    Barty glides into Canadian Open semi-final

    Barty glides into Canadian Open semi-final

    This is Halep's second victory against Stephens this year, after the one in the final of the French Open at Roland Garros. But the American broke Halep with a forehand victor and held two set points on the Romanian's serve at 6-5.
    Barcelona director speaks out on 'great' Paul Pogba

    Barcelona director speaks out on 'great' Paul Pogba

    A player that gets chosen and is happy, you always feel more comfortable than when he's not happy. If you're not happy, you can not give your best.
  • Man City and Liverpool put down markers

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    Sadio [Mane] works really hard and the same with Gini and Millie and Robbo [Andrew Robertson] in this case, so that's really good.
    Germany: We don't let USA  dictate trade ties with Iran

    Germany: We don't let USA dictate trade ties with Iran

    President Trump withdrew Washington from the 2015 Iranian nuclear deal, also known as the Joint Comprehensive Plan of Action, on May 8.
    Trump doubles steel and aluminum tariffs on Turkey

    Trump doubles steel and aluminum tariffs on Turkey

    Trump announced the action Friday on Twitter . "Don't forget, if they have their dollars, we have our people, our God", he said. Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers.
  • China’s Vice Commerce Minister to visit United States  for trade talks

    China’s Vice Commerce Minister to visit United States for trade talks

    Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 USA items, also worth $34 billion. News of the meeting boosted the Chinese yuan and helped cap losses in China's stock markets.[CNY/][.SS].
    White House seeks to prevent Omarosa from releasing more tapes

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    Even Trump had begun wearying of Manigault Newman's omnipresence in meetings by the middle of his first year, those people said. It is the same amount that a few others who have departed the White House under inauspicious circumstances are receiving.
    The season will be 'unbelievably hard', Klopp warns Liverpool after flying start

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    If Liverpool want to continue to operate as one of Europe's elite teams, they'll have to get used to the weight of expectation. No team has successfully defended the English title since Manchester United in 2008-09.
  • Afghanistan: Taliban resume deadly assaults in Ghazni

    Afghanistan: Taliban resume deadly assaults in Ghazni

    TV and radio stations were set on fire and heavy fighting was reported around key government installations in the city centre. He said however that foreign fighters, including Pakistanis and Chechens, are involved in the battle for Ghazni .
    Beyoncé dedicates Detroit show to ailing Aretha Franklin

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    It has just been announced that she has been moved to hospice care in her home. "That wouldn't be good either". In 2010, she was forced to cancel to scheduled performances due to fractured ribs and abdominal pain.
    Aretha Franklin 'gravely ill' in hospital

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    Aretha was performing as recently as previous year ; but last summer she canceled a series of concerts citing " doctor's orders ". In 2010 she underwent surgery for a tumor, but later disputed reports that she had been diagnosed with pancreatic cancer .


Utah firefighter killed battling California blaze
Two firefighters were killed last month by the Ferguson, one of three California wildfires that have proven fatal this season. Crews have been able to cut containment lines around 68 percent of the northern California fire, Cal Fire said.

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Search for survivors after Italian motorway collapse kills 26
"We should ask ourselves whether respecting these (budget) limits is more important than the safety of Italian citizens. Restructuring work was carried out in 2016 on the 1.2 km-long bridge, first completed in 1967.

Erdogan Vows to Boycott U.S. Electronic Goods Amid Pastor Spat
Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case. Erdogan has said Turkey needs to find "new friends" because of the row with the its North Atlantic Treaty Organisation ally.

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Turkey pledges action to calm markets
Altun said Erdogan's words were a warning against the exit of foreign currency from Turkey . He is facing up to 35 years behind bars if found guilty.

Jorginho, Sarri debut with easy Chelsea win
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