Markets Right Now: US stocks move broadly higher

Markets Right Now: US stocks move broadly higher

Markets Right Now: US stocks move broadly higher

Jeffrey Hovenier, the top US diplomat in Turkey, visited Brunson on Tuesday and said afterward that the cases against the pastor, who is under house arrest, and others held in Turkey should be resolved fairly and promptly.

The Turkish lira has nosedived in value in the past week over concerns about Erdogan's economic policies and after the United States slapped sanctions on Turkey angered by the continued detention of an American pastor.

"We stood tall before tanks, cannons and planes", said Erdogan, a brash, former footballer and ex-mayor of Istanbul.

The lira currency, which has lost more than 40 percent against the USA 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.

The Turkish equity market was less than 2 percent of the size of the United Kingdom market, and only 20 percent was held by non-residents, he added.

ANALYST'S TAKE: Asian markets were "relatively more resilient" to Turkey jitters than South Africa and Latin America were, said Philip Wee and Radikha Rao of DBS Group in a report.

On Monday, the lira pulled back from its record low of 7.24 to the dollar following an announcement by the Central Bank that it would provide liquidity.

Erdogan on August 12 warned businesspeople to not "rush to banks to withdraw foreign currency".

"Turkey's massive pile of corporate debt denominated in foreign currencies, but a rapidly sliding currency - and inflation that's threatening to go exponential - is a toxic combination". "We will protect our economic independence by being tight-knit together", he told members of his AK Party in a speech. As interest rates rise in the US, investors pull their money out of countries that had enjoyed strong economic growth but are perceived as somewhat riskier.

The lira rose about 8 per cent to 6.36 (per USA dollar), after falling to a record-low of 7.24 on Monday (local time).

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Turkish lira plunged on concerns over the deepening rift between Washington and Ankara, hitting a record low of 7.24 against USA dollar and weakening some 45 percent so far this year.

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need. The Argentina Peso and Russian Ruble were also amongst the biggest decliners in Emerging Market currencies.

This is the latest chapter in a growing diplomatic rift between Turkey and the United States.

The appeal document seen by Reuters said the court should prevent any unlawful political interventions and lift judicial control provisions imposed on Brunson.

Investors are now fretting over potential economic contagion with the Turkish lira. "I believe the new and important topics will be discussed in this call, otherwise there would not be such an attempt".

While U.S. equities ended lower today, it's not hard to see why Turkey looks like the weaker player of the two.

In an apparent reference to the United States, Erdogan said "the bullies of the global system can not roughly, shamelessly encroach on our gains that were paid for by blood".

Early on Friday, Trump announced he would double steel and aluminum tariffs against Turkey, causing the lira to lose up to 18 percent, and investors to lose what remaining confidence they had.

"This is the sign of a clear attack, a challenge", Albayrak said.

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