Turkey to boycott U.S. products including iPhone, says Erdogan
14 August, 2018, 23:54 | Author: Brooke Harris
That's helping to push the United States dollar higher, which hurts big USA exporters.
Independent economists say it would be hard to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals. Asian markets fell overnight, while European markets were slightly lower.
The Turkish currency crisis has been affecting global financial markets. Many analysts say that isn't likely, but it's caused sharp losses for stocks.
President Recep Tayyip Erdogan has positioned his country as one that is under attack by external forces bent on making the Turkish people bow, a message that has been amplified by a pliant news media that is largely controlled by his allies or riven by fear of deviating from the government's line.
Stocks were on a five-week winning streak before last week.
Turkish President Recep Tayyip Erdogan gas called for a boycott of iPhones other U.S. electronic goods in a fiery speech. Independent economists say Erdogan should let the central bank raise interest rates to support the currency, but he wants low rates to keep the economic growth going.
Erdogan has said that he thinks the lira would stabilize, but investors are not convinced. It also indicated it would lend money at interest rates above prevailing market rates, an effective tightening of monetary policy. The Argentinian peso sank to an all-time low amid investor caution and a local corruption scandal involving former government officials.
Financial markets have taken fright at inflation, rising at an annual rate of more than 15%, and have been selling the Turkish lira, which is down by 45% against the United States dollar since the start of the year. If anything, the drop in the lira is making us a lot more money right now, so we're not anxious about it at all!.
He said: 'You act on one side as a strategic partner, but on the other you fire bullets into the foot of your strategic partner. That suggests a stronger dollar, " he said. The Dow Jones Industrial Average .DJI rose 120.76 points, or 0.48 percent, to 25,308.46.
Turkey's weakened currency, the lira, plunged by a full 20% in response.
Trump met Turkish President Tayyip Erdoğan at a July NATO summit, and reportedly cut a deal on prisoner releases.
The pressure on Turkey is reflective of broader trends in emerging markets, although the lira is by far the worst performer. It had already fallen more than 40% in the past year.
"We will be taking the necessary steps with our banks and banking watchdog in a speedy manner", he said, while ruling out the possibility of seizing dollar-denominated bank deposits.
"It took place on the margins of the North Atlantic Treaty Organisation summit", the source said. Monsanto said government agencies and hundreds of studies have concluded Roundup is safe. BBVA is the most exposed, followed by UCG, ING, BNPP and HSBC, whose share price was down 0.8 per cent in afternoon trading. "We are just getting a bit of reprieve from the recent down move".
"Trump confused a process for an agreement", the source said. The EU put new taxes on USA motorcycles in response to the Trump administration's tariffs on products imported from Europe.
US crude rose 80 cents to $68.00 a barrel and Brent gained 81 cents to $73.42.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3 per cent.
The global average score improved for the second year in a row, creeping up from 74.8 per cent to 75.7 per cent in 2018. The survey had been criticised previous year for demoting Manchester eight places after the May 22nd attack.
Police activity on Millbank, in central London, after a vehicle crashed into security barriers outside the Houses of Parliament. I turned around and I saw a silver auto driving very fast close to the railings, maybe even on the pavement".
The currency had already been underperforming before the current spat - it has dropped nearly 40% against the dollar this year. Hungary, for example, has seen its currency, the forint, fall by almost 4% against the USA dollar since last Wednesday.
A 2.0-liter engine connected to a CVT or six-speed manual transmission makes sure the Civic Sport drives as well as it looks. Other cosmetic changes include new wheel designs, and larger 18-inch alloy wheels for the top-spec non-sports trim level.
This photo released by Italian firefighters shows a truck stopped where the highway bridge collapsed in Genoa on August 14, 2018. As details emerged, the country's transport minister Danilo Toninelli said the incident seemed to be "an enormous tragedy".
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