Wednesday, 24 October, 2018

Turkey will defy economic threats, says President Erdogan

Emerging market stocks in bear territory after 20 percent drop since January Resurgent dollar sends commodities reeling again
Kenneth Drake | 18 August, 2018, 18:43

The embattled lira fell three percent yesterday after a Turkish court rejected a U.S. pastor's appeal for release, drawing a stiff rebuke from Mr Trump, who warned the United States would not take the detention of Andrew Brunson "sitting down".

US pastor Andrew Brunson reacts as he arrives at his home after being released from the prison in Izmir, Turkey July 25, 2018.

A court in the western province of Izmir rejected an appeal to release the pastor, Andrew Brunson, from house arrest, saying evidence was still being collected and he posed a potential flight risk, according to a copy of the court ruling seen by Reuters.

"Aluminum will now be 20% and Steel 50%", he said.

Yesterday, a Turkish court rejected an appeal to release Brunson from house arrest, broadcaster Haberturk said.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", said Cristian Maggio, head of emerging markets strategy at TD Securities.

"We did not and will not surrender to those who act like a strategic partner but make us a strategic target", Erdogan said, in a reference to the United States.

When Andrew Brunson saw a police summons on his door in late summer 2016, the USA evangelical pastor thought it was a routine appointment to sort out his residency papers in Turkey, his home for almost a quarter of a century.

Erdogan wants Washington to extradite Turkish cleric Fethullah Gulen (the public face of the Central Intelligence Agency in Turkey), whom the Turkish president views as a longtime antagonist and mastermind of the plot to oust him.


US Treasury Secretary Steven Mnuchin told President Donald Trump at a cabinet meeting on Thursday that sanctions were ready to be put in place.

A report from the Wall Street Journal said the U.S.

Erdogan has in turn imposed sanctions on United States goods. Additionally, its USA tariffs, not the Turkish economy that is driving the selling pressure.

An Istanbul court on Wednesday allowed the release of Amnesty International's Turkey chair Taner Kilic, who spent more than a year in jail over alleged links to a 2016 coup bid.

"The news of China coming back to the negotiating table is providing relief and you are starting to see markets stabilise a little bit", said Shawn Cruz, manager of trader strategy at TD Ameritrade in Chicago. The Dow spiked 396.32 points or 1.6 percent to 25,558.73, the Nasdaq rose 32.41 points or 0.4 percent to 7,806.52 and the S&P 500 climbed 22.32 points or 0.8 percent to 2,840.69. They want to hold our wonderful pastor.

A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet US representatives, China's Ministry of Commerce said on Thursday.

The currency's fall has also sparked fears of an economic crisis in Turkey that could spread globally.

The country's officials would always support Chinese and Turkish companies signing cooperation projects based on market rules, he added.

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