Monday, 15 October, 2018

Asian shares gain on US-China trade talks, lira recovers

Turkey Central Bank to provide all liquidity banks need Tensions Rise Between Turkey And U.S. After Trump Sanctions
Lindsey Cook | 17 August, 2018, 15:36

Turkey and Qatar - which is also a very close United States ally - have become close economic and political partners in recent times.

Some analysts said that USA tax cuts passed past year by Congress which are boosting corporate earnings and economic growth have reinforced the reasons for raising interest rates.

Finance Minister Berat Albayrak, Erdogan's son-in-law, was due to address hundreds of foreign investors through a tele-conference on Thursday, in an apparent attempt to reassure the markets. He spent about two years behind bars before he was moved to house arrest last month.

Mr Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" "Given a USA president tends to do badly in his first mid-term election, he might do more on trade issues after the election", he added.

Asian shares won a modest reprieve on Friday after China and the USA agreed to hold their first trade talks since June, and as the Turkish lira extended gains after hitting a record low earlier this week.

The U.S. media said the decision was related to the current state of Turkish-American relations and the Brunson case.

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

Turkey said Wednesday it is increasing tariffs on imports of some U.S. products, escalating a feud with America which has helped trigger a currency crisis.

More news: Turkey will boycott United States electronic goods over sanctions, says Erdogan
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Despite the rise, Turkey's currency has lost nearly a third of its value against the dollar since January, pushing up the price of everyday items and raising fears that its weakness could infect other emerging market currencies.

Markets are concerned by Erdogan's influence over the economy and his resistance to interest rate increases to tackle double-digit inflation.

Trump is willing to ramp up sanctions further if Turkish president, Recep Tayyip Erdogan, refuses to release USA pastor, Andrew Brunson. China's Ministry of Commerce said it had received an invitation from the United States for talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.

Kalin said the German and French leaders told Erdogan that "they were also suffering and that they were also complaining about" U.S. President Donald Trump's administration's tendency to "use trade, dollars, taxes as weapons".

Kenningham noted Turkey's annual gross domestic product of around $900 billion was just 1% of the global economy and slightly smaller than the Netherlands.

The officials said Qatar's Sheikh Tamin bin Hamad Al Thani pledged to "quickly implement" the investment package during a meeting with Mr Erdogan in Ankara.

MSCI's emerging market currency index.MIEM00000CUS hit its lowest level since May 2017 on Wednesday as many major emerging currencies extended their selloff in the wake of Turkey's currency crisis.

The Turkish currency began to recover after authorities this week took steps to help bank liquidity.

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