Asian stock markets recover from the escalating financial crisis in Turkey

Traders work on the floor of the NYSE in New York

Turkey's central bank announced a series of measures on Monday to free up cash for banks as the country grapples with a currency crisis.

The Turkish crisis and the potential contagion is in full swing after the CBRT failed to calm investors.

Investors seemed to look through the fiery rhetoric, pushing the lira off record lows on reports that Turkish and US government officials held talks on Monday.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the U.S. sanctions an illegitimate policy at a news conference on Tuesday.

His remarks came after the lira's plunge had turned into a rout toward the end of last week after US President Donald Trump announced the doubling of tariffs on Turkish steel and aluminum imports. The dispute with the USA has exacerbated Turkey's economic troubles.

Lavrov says that Washington's policies will undermine the dollar's position as the worldwide reserve currency of choice.

"We will boycott American electronic products", Erdogan said, adding that Turkey would produce a better version of every product previously bought with foreign currencies and export them. "Our relations with Turkey are not good at this time!" he says on Twitter.

The lawyer representing an American pastor held in Turkey has renewed an appeal for his release from house arrest. Ankara says the decision is up to the courts. A delegation from Washington, D.C., reportedly left Turkey last week without making progress on Brunson's case, raising the threat of further sanctions from Trump. In particular, the report flags that Spain's BBVA, Italy's UniCredit and France's BNP Paribas, all of which have significant operations in Turkey, are especially exposed.

Turkish President Recep Tayyip Erdogan on Sunday (Aug 12) slammed the crash of the lira amid a widening spat with the United States as a "political plot" and said his country would instead seek new markets and new allies.

"If they have iPhone, there is Samsung on the other side".

Manchester City and Liverpool put down markers with impressive wins
The opening weekend of Premier League season 2018/19 concluded on Sunday with three games, and they certainly did not disappoint. French full-back Benjamin Mendy strode forward and cut the ball back to Bernardo Silva who made no mistake with his finish.

New 'Spider-Man' gameplay trailer highlights NY
It's an amalgam of different gameplay styles melded together, even offering Mary Jane a playable role later on in the game. In previous trailer for the game, Peter introduces Miles to Aunt May while she's working at F.E.A.S.T.

Turkish economy is solid, strong: President Erdogan
The answer may lie in Turkey , where a political standoff with the Trump administration has led to a sudden currency crisis. US crude fell 0.47 percent to $67.31 per barrel and Brent was last at $72.76, down 0.07 percent on the day.

It was unclear whether Erdogan's call was widely heeded, but a Turkish news agency said traders in Istanbul's historic Eminonu district converted $100,000 into lira on Tuesday.

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war".

Turkish President Recep Tayyip Erdogan said on Monday the United States was seeking to "stab it in the back".

In a joint statement issued on Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges called on the government to allow the central bank to raise interest rates to help overcome the currency crisis.

US National Security Adviser John Bolton met with the Turkish ambassador to Washington on Monday, suggesting that diplomatic efforts are continuing, according to the AP.

But the bank did not increase interest rates, which would help contain inflation while supporting the lira.

They shared a list of 30 Turkish brands, including Turkish Airlines, urging people to support them as much as they can.

Turkey has pledged it will take action to calm markets after the lira plunged to a new record low in Asian trading.

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.

Related News:



Most liked

USA man flies plane into home after fight
Photos of the wreckage showed the white plane charred and in pieces in the front yard nearby an overturned and crushed vehicle . Youd was arrested on Sunday at around 7:30 p.m., police told Fox13, after he got into a domestic dispute with his wife.

Tesla forms three-member panel to look at any Elon Musk deal
Yasir Othman al-Rumayyan, managing director of the PIF, when contacted, referred Reuters to the corporate communications team. What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the USA , noted the paper.

Elon Musk and Grimes 'trap' rapper in their home
In a conversation with a Business Insider reporter , Banks claimed that while she was at Musk's house, she overheard him on the phone, panicked and "scrounging for investors".

No recall for Stokes as England name unchanged third Test squad
The jury heard Stokes had no recollection of hitting Ali and could not remember what was said during the alleged homophobic abuse. A third man, Ryan Hale, 27, was acquitted of the charge last Thursday on the directions of the judge, Peter Blair QC.

Aberdeen closing in on Manchester United striker James Wilson
I think one in every three games maybe is on TV this year, so I think that was a big thing for me. Click through the gallery above to see all United players who have left the club in this window.

Jack Whitehall faces backlash as Disney's 'first gay man'
Jack Whitehall's casting in a new Disney film has sparked an outcry, following reports he will play an openly gay character. Still others pointed out that this is not the first time a "gay" character has been played by a straight actor in Disney.

Omarosa: Trump has ‘done nothing’ to stem Chicago violence
For example, Trump's former personal aide John McEntee, who was removed from his job in April, went to the campaign. Omarosa had Zero credibility with the Media (they didn't want interviews ) when she worked in the White House.

Anthony to sign with Rockets Monday
The Rockets fell one win short of the NBA Finals, dropping the Western Conference Finals to the Warriors in seven games. USA basketball star Carmelo Anthony has signed a one-year US$2.4 million (NZ$3.7m) deal with the Houston Rockets.

Why Willian can’t stay at Chelsea under Conte
Had things played out differently this summer, there's a good chance this would've been the other way round. But obviously a few things we didn't do, so I think it will help us improve.

World stocks hit one-month low as Turkish rout spreads
There is no economic reason. "This is called carrying out an operation against Turkey ", he told reporters on Sunday, Aug. 12. The US last week imposed sanctions on Turkey over its refusal to extradite a US preacher imprisoned in the country.

Tiger's PGA run likely punched his ticket to Ryder Cup
In fact, Woods put up a performance for the ages, shooting 6-under-64 to finish solo second and behind champion Brooks Koepka . Mannequins may have been stacked up on the floor, but there were still plenty of hats, shirts and jackets on the shelves.

Chaffetz: Pelosi Is 'Number One Albatross' for Democrats Heading Into Midterms
Democrats need to pick up 23 seats in November to retake the House, but it'll be hard if they lose districts they now hold. Jaime Herrera Beutler advanced along with Democrat Carolyn Long, a professor at Washington State University-Vancouver.

Chromebook users might be able to dual boot with Windows 10 soon
A recent comment from the Google developers suggests 30 GB of storage will be needed to install the Windows operating system. It would otherwise be simple however and would not require developer mode to enable support.

Trump Fires Back at Former Staffer Omarosa Manigault
Omarosa Manigault Newman is willing to cooperate with Robert Mueller's office if they ask her for any of the recordings she took. Ms Manigault Newman is now promoting her new book Unhinged , which offers an account of her time in the White House.

Turkey: US won't achieve aims through sanctions
According to a Financial Times article, the European Central Bank is also concerned about the EU's financial exposures to Turkey . US President Donald Trump has demanded that Turkey release a US pastor being held on charges of aiding terrorists.