Turkey to boycott U.S. products including iPhone, says Erdogan

14 August, 2018, 23:54 | Author: Brooke Harris
  • Turkish President Tayyip Erdogan makes a speech in Ankara Turkey

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.

Nadal withdraws from Cincinnati Masters for extra rest
Nadal overcame a second set fightback from Greek youngster Tsitsipas to claim a 6-2, 7-6 victory in just under 1hr 45mins. The withdrawal leaves Roger Federer as the tournament's highest seed in second.

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.

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