Turkey's market collapse deepens as it takes first steps to ease crisis

Travel companies that offer packages in Turkey were hit in this morning’s sell-off with Tui falling to the bottom of the FTSE 100

Travel companies that offer packages in Turkey were hit in this morning’s sell-off with Tui falling to the bottom of the FTSE 100

The United States and Turkey are in disagreement over the Syria conflict and over the fate of Turkish preacher Fethullah Gulen, who is in exile in the U.S. and whose extradition Ankara has requested over his alleged role in the failed July 2016 coup.

The lira has been hammered by worries over President Erdogan's handling of the economy, a refusal to raise interest rates to curb rampant inflation and worsening ties with the US.

Turkish President Recep Tayyip Erdogan said on Saturday that his country was now looking to form alternative economic alliances from "Iran, to Russian Federation, to China and some European countries", after the U.S. "upset and annoyed" its North Atlantic Treaty Organisation ally with sanctions that greatly exacerbated the lira's existing troubles.

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"We are open to diplomacy and consensus but it is not possible to accept any imposition", Cavusoglu said. "We have not made concessions on justice so far, and we will never make any".

"I here declare that we have seen your plot and we are challenging it", said Erdogan. There is no economic reason ...

But Mr Paulsen warned the Turkish lira meltdown could trigger a "crisis" in global markets.

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.

World markets struggled to stabilize on Tuesday as the Turkey-seeded firestorm in emerging markets continued to play out and China's latest economic health readings all missed forecasts.

On August 1 the United States announces sanctions against the Turkish interior and justice ministers, who they accuse of having played a major role in the arrest and detention of the pastor.

Meanwhile, Turkey's Financial Crime Investigation Board (MASAK) also launched a probe into what it described as "fake news" aiming to manipulate economy.

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Turkey signaled a clampdown on news and social media, with officials including the public prosecutor warning that criticism may be viewed as "economic attacks" on the country.

Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses, which are most affected by the foreign exchange fluctuations. The eurozone's chief financial watchdog has become anxious about the exposure of major European lenders - mainly Spanish and French banks - to Turkish debt.

The U.S. dollar tumbled more than 5 percent against Turkish lira on Tuesday, falling to 6.4591 after opening the day at 6.8839.

Erdogan rejected speculation that Turkey would seek a rescue package from the International Monetary Found.

Erdoğan also said that the US stabbed Turkey in the back, three days after he sought to bolster ties with Russian President Vladimir Putin. "We will not give them the time of day".

Opening the conference of ambassadors Turkey's foreign minister called on the United States to be a "faithful friend and North Atlantic Treaty Organisation ally".

After Albayrak's comments on Sunday, the banking regulator put restrictions on dollar-lira swaps in an attempt to make it harder for offshore investors to bet against the currency.

The fall out showed no signs of abating as US President Donald Trump approved doubling tariffs on Turkish steel and aluminium while Mr Erdogan has vowed to retaliate.

Since Mr Erdogan first began making the call in mid-December of 2016, the lira has been the world's worst currency, losing about half its value against the dollar and euro.

Turkey has weathered several tough economic crises over the decades. Erdogan accuses Washington of protecting coup plotters.

President Trump last week imposed sanctions on Turkey over its refusal to release an imprisoned USA preacher.

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