Trump renews criticism of Turkey over USA pastor

Putin Erdogan

World stocks rose on Friday as news of plans for U.S. Both countries aim to resolve an escalating tariff war.

"There is still a great deal of difference between agreeing to talk and coming to an agreement", said CMC Markets analyst Michael Hewson.

Futures indicated a lower open on Wall Street.

USA stocks climbed in afternoon trading after a Mexican economic official told reporters that trade talks between the United States and Mexico were "advancing well".

Samantha Lee  Business Insider
Samantha Lee Business Insider

"There has been no improvement in relations with the USA and additional sanctions may be on the horizon", said William Jackson of Capital Economics in a note to clients, adding that the lira could see a downward trend in 2019 and beyond.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, a day after it hit its lowest level in a year.

USA stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States later in August and Turkey's lira continued its recovery.

The leader of Turkey's main opposition party said Erdogan was using the standoff over the evangelical pastor as a "pretext", blaming the United States for economic problems and diverting attention from his own alleged mismanagement. The currency has lost a third of its value this year.

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The US warned Thursday it would levy more sanctions on the troubled Turkish economy if Ankara does not soon release a jailed American pastor described by President Donald Trump as a "hostage".

The escalating feud between the longtime North Atlantic Treaty Organisation allies is playing out against a backdrop of economic tumult in Turkey, which has seen steep drops in the country's currency, the lira.

Emerging market stocks entered a technical bear market as the sell-off intensified, registering a 20 percent drop.

European banks and copper also fell into bear market territory.

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Despite the political tensions, the lira rebounded some 6 percent on Wednesday, strengthening to around 6.0 to the United States dollar. Additionally, its USA tariffs, not the Turkish economy that is driving the selling pressure. "The serial number of the bill allegedly represented Golge's place in the hierarchy of the Gulen organization", the committee said in an August 6 letter urging U.S. Secretary of State Michael Pompeo to campaign for 36-year-old Golge's release.

On the TSX 168 issues advanced and 72 declined as a 2.3-to-1 ratio favoured advancers.

It also forecast that inflation will peak at 22 percent over the next four months and said the weakening lira was putting pressure on the indebted corporate sector and had considerably increased the funding risk for Turkey's banks.

USA crude futures stood at $65.43 a barrel, down 0.05 percent. Curtin noted, for example, that consumers viewed buying conditions for vehicles less favorably than at any time in the past four years, as "vehicle prices [are] being judged less favorably than any time since the close of 1984".

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