Earnings optimism, rebound in bank stocks lift Wall Street

Earnings optimism, rebound in bank stocks lift Wall Street

Earnings optimism, rebound in bank stocks lift Wall Street

Turkey's president appeared to escalate a dispute with the United States that has helped foment a Turkish currency crisis, claiming Tuesday that his country will boycott US -made electronic goods. They have iPhones, but on the other hand there are Samsungs.

On Sunday, Erdogan lashed out at the United States, threatening to find new alliances and new markets.

The Turkish central bank attempted to ameliorate the falling currency with more liquidity by lowering the reserve requirement for banks by 250 basis points.

European shares bounced back on Tuesday after two days of heavy selling as investors' anxieties over contagion from a Turkish currency crisis faded slightly, thanks to reassurances from the central bank and government. So far, they have been handsomely rewarded, with the currency down almost 30 per cent over the last month and the stock market down 4.9 per cent since August 9.

A bigger danger is that Turkey's crisis will spill over into other emerging market economies and there were signs on Monday that other countries seen as vulnerable were coming under speculative attack.

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Erdogan, who gained sweeping new powers following his re-election in June, said rumors had been spread that authorities might impose capital controls in response to the slump in the currency, which tumbled as much as 18 percent on Friday alone. Disputes with North Atlantic Treaty Organisation ally the United States have also contributed to the lira's plunge. The central bank has, however, always been at odds with President Erdogan, a self- described "enemy of interest rates", who persistently called for lower rates in Turkey to fuel credit growth and economic expansion. He also urged manufacturers not to rush to buy dollars.

The row dates back to October 2016, when Brunson was one of thousands of people detained in mass arrests following a failed coup against President Erdogan.

Declaring economic war against the US, Erdogan said Turkey, a North Atlantic Treaty Organisation ally, will no longer purchase Apple products or other electronic devices made by American companies.

White House press secretary Sarah Sanders said the United States had seen "no evidence that Pastor Brunson has done anything wrong". But most of those reports are done, and Sandven, of US Bank, said stocks may spend the next two months wavering.

He said Sunday the lira's fall was the result of a plot and did not reflect Turkey's economic fundamentals.

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Donald Trump's administration hit Turkey's justice and interior ministers with sanctions last week. Businesses issued a joint statement asking for "a concrete roadmap" to be prepared "to lower inflation permanently", the newspaper Hurriyet reported.

Albayrak also announced Tuesday that he would hold a conference call with investors from the United States, Europe and the Middle East on Thursday.

"I think the investor call Albayrak has scheduled has helped lira firm", said TEB Investment strategist Isik Okte.

Interestingly, both Ankara and Washington designate the PKK as "terrorist".

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