Global markets wrap: Turkey crisis piles pressure on Asian shares

Global markets wrap: Turkey crisis piles pressure on Asian shares

"If they have iPhones, there is Samsung on the other side, and we have our own Vestel here", he said, referring to the Turkish electronics company.

Its drop of as much as 18% on Friday hit European and United States stocks as investors fretted about banks' exposure to Turkey.

In the last 24 hours or so, with Erdogan's Treasury and Finance minister - who's also his son-in-law - pledging to defend the Turkish lira, there has been some respite for both the lira and other emerging market currencies.

Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case.

The Trump regime imposed financial sanctions over the weekend against two Turkish government officials, and doubled steel tariffs to 50 per cent and aluminium tariffs to 20 per cent in retaliation for the pastor's detention.

"We, as the Turkish Airlines, stand by our state and our people. Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country's flag-carrier, wrote on Twitter.

"We will protect our economic independence by being tight-knit together".

"We are ready with everything we have", Erdogan said, according to Ahval. "What do you want to do?"

"A stronger dollar is the opposite of what the Trump administration wants to see, and there is an argument to be made that it offsets both the fiscal stimulus that Trump has encouraged alongside the protectionist policies as the price of imports into the USA increases", he added.

"Copper and other commodities at first reflected the downturn in China but now have been exacerbated by expectations of further economic weakness", said Kristina Hooper, chief global market strategist at Invesco in NY. The lira is now around 6 per dollar, off record lows beyond 7.24.

USA sanctions against Turkey recently sent the country's currency, the lira, into free fall.

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How much has Turkey's currency dropped?

Rodrigo Catril, senior foreign exchange strategist at National Australia Bank, said the Turkey crisis was likely to go on for some time.

"The dominant theme in financial markets at the moment is the strength of the dollar", Aviva Investors head of multi-asset funds Sunil Krishnan said.

On Tuesday, the lira recovered some ground, trading at 6.3300 to the dollar at 1947 GMT, up some 9% from the previous day's close and having earlier touched 6.2995.

Turkish lira banknotes are pictured at a currency exchange office in Istanbul, Turkey on August 13, 2018.

Relations between the two North Atlantic Treaty Organisation allies have spiraled into a full-blown crisis over the trial of Christian pastor Andrew Brunson, who was held for 21 months in a Turkish prison until his transfer to house arrest last month - a move Washington dismissed as insufficient.

Brunson's lawyer said on Tuesday he had launched a fresh appeal to a Turkish court for the pastor's release.

U.S. embassy charge d'affaires Jeffrey Hovenier on Tuesday visited Brunson in the western city of Izmir.

Hovenier said Washington expected the release of detained American citizens including Brunson "without delay" and "in a fair and transparent manner".

However, severe changes in the value of the currency calmed Tuesday after news that US national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

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