Asian markets mixed after Wall St falls on Turkey jitters

Turkey’s President Recep Tayyip Erdogan is showing no signs of backing down in a standoff with the US that rattled markets. — Reuters pic

Turkey considers the control of regions in northern Syria by the SDF and the YPG a direct threat against its national security due to the ongoing conflict with the PKK since early 1980 that killed more than 40,000 people and cost billions to the country's economy.

Cagaptay said Washington had an "arsenal of economic sanctions" ready to deploy against Turkey, which he believed US President Donald Trump would escalate until Brunson is released.

As investors flee emerging countries they typically buy the safe-haven dollar, boosting the American unit even more as local currencies continue to fall and thus creating a vicious circle.

Mr Albayrak said the country would "act in a speedy manner" and its plan included help for the banks and small and medium-sized businesses most affected by the dramatic volatility in the lira.

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. There is no economic reason. "This is called carrying out an operation against Turkey", he told reporters on Sunday, Aug. 12.

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war". You should know that it is both our and industrialists' and merchants' responsibility to keep this nation on its feet.

Arsenal's Petr Cech welcomes change of tactics under Unai Emery
Guardiola has suggested City can become even better this season, and on this evidence, it's hard to disagree. Another cross from Robertson opened up West Ham for Liverpool's second in first-half stoppage time .

Why is the lira falling?

The weakness of the Turkish currency has rippled through global markets.

President Donald Trump and Turkish President Tayyip Erdoğan reportedly met on the sidelines of July's North Atlantic Treaty Organisation summit to cut a deal on prisoner releases - which would later become an economic disaster for the lira, and potentially the world.

He said the U.S. would not achieve aims by exerting pressure and imposing sanctions on Turkey.

The dire state of Turkey's economy may be a effect of a diplomatic misunderstanding between the country's president and Donald Trump.

The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis.

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She alleges that she was threatened by Mr Kelly and that he told her things could get "ugly" if she did not go on friendly terms. Newman claims that in one tape, Trump uses a racial slur in off-camera remarks during his time on The Apprentice .

But the lira has dramatically tumbled since last Friday after the United States imposed sanctions and additional tariffs to force Turkey to release Pastor Andrew Brunson, who is a U.S. citizen detained in Turkey on flimsy terrorist charges.

Erdogan has remained defiant after Trump doubled tariffs on aluminum and steel imports from Turkey to 20% and 50%, respectively.

What are Turkish officials doing about the lira?

The Turkish lira tumbled in early trading in Asia on Monday, beforing paring back some of the losses after Finance Minister Berat Albayrak pledged to implement an economic action plan. Exposure to Turkey has seen shares in Spain's BBVA lose more than 3 percent Monday, along with shares in Dutch bank ING and Italian UniCredit.

Mr Erdogan has presided over soaring inflation and borrowing levels, but insists the lira's plight is the result of a "campaign" led by foreign powers.

The central bank has over the last few weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates.

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Department of Homeland Security and the Federal Aviation Administration directed inquiries to local authorities. Video showed fiery flames amidst trees on the island, which is sparsely populated and only accessible by ferry.

Erdogan's comments on interest rates - and his recent appointment of his son-in-law as finance minister - have heightened perceptions that the central bank is not independent.

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