Time for Erdogan to talk Turkey

Share

"If (the United States) have the iPhone, there's Samsung on the other side", he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

"The efforts of regulators on the European continent and in the United Kingdom over the last eight-plus years to fortify their respective banks (via improved regulation and government administered "stress tests") will likely mitigate damage - should it occur - and prevent development of systemic risk or contagion from spreading", Oppenheimer & Co. strategists led by John Stoltzfus wrote in a note to clients Monday.

In intra-day trade, it hit a fresh low of 69.62 against the greenback, tracking weakness in other emerging market currencies on concerns of a spill over from the Turkish crisis, according to Moneycontrol. Asian markets fell overnight, while European markets were slightly lower.

Turkey's lira pulled back from a record low against the dollar on Monday morning after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks, but the currency's meltdown continued to shake global markets.

Stocks were on a five-week winning streak before last week.

Barcelona win Spanish Super Cup after late penalty save
The 30-year-old has worn the arm-band for the Catalan giants on numerous occasions before he was named vice-captain since 2015. Usually a two-legged affair, the match will be settled after just one for the first time on Sunday.

The lira has tumbled as investors question whether President Recep Tayyip Erdogan's government can cope with problems including a diplomatic spat with Washington that has resulted in higher US tariffs.

"So far the impact of the lira crash has been limited in Europe and the rest of the world", said Agathe Demarais, Turkey analyst at The Economist Intelligence Unit, in comments emailed to AFP. Erdogan's refusal is one of several factors worrying investors.

The Turkish stock market has also fallen 17%, while government borrowing costs have risen to 18% a year. The Argentinian peso sank to an all-time low amid investor caution and a local corruption scandal involving former government officials.

Except that the fall in the Turkish lira, which earlier on Monday fell by a further 11% against the U.S. dollar to take its fall this year to more than 40%, has focused the minds of investors on what other economies may have similar characteristics, such as high levels of corruption and an unwillingness to tackle it among the political elite, or a high current account deficit and excessive reliance on overseas investors. Overall this year, the lira has lost more than 40 percent against the dollar.

Terry Sandven, chief equity strategist at US Bank Wealth Management, said the dollar has strengthened because economic growth has picked up and other regions aren't doing as well. "A strong dollar will cause some dissonance and the trend will continue throughout this week".

Bound 2019 Honda Civic (facelift) revealed
All Civic Sedan and Coupe models sold in the USA are produced at Honda's plants in Greensburg, Indiana and Alliston, Ontario. For the Indian market, the 2019 Honda Civic will get a 1.6-liter diesel engine and a 1.8-liter i-VTEC petrol engine.

Tokyo's Nikkei 225 gained 1.8 percent to 22,255.98 and Seoul's Kospi added 0.4 percent to 2,257.65 Sydney's S&P-ASX 200 advanced 0.8 percent to 6,298.30.

Indeed, the Dow Jones industrial average dropped only 125 points, or 0.5 per cent. US gold futures fell 1.59 percent to $1,199.60 an ounce.

He also noted that Turkey is the "most reliable" and "best destination to invest", despite the negative propaganda and the tough challenges. "[But] You can not just wake up one morning and say: "I applied this much of tariffs on aluminum and steel", Erdogan said.

WALL STREET: A stronger dollar hurt exporters, whose goods will get more expensive overseas. "We will keep producing and we will keep increasing exports", he said.

"We are saying good-bye to those who sacrifice the strategic partnership, the alliance of an 81-million-nation state in the name of ties with terrorist organizations", said Erdogan in a speech in Trabzon.

Man United to appoint their first ever director of football
The Manchester United record signing won the Europa League and the League Cup in his first season back at Old Trafford. Jose Mourinho must make it a priority to keep his French star happy and at the club. 'I don't think about signings.

Share