World equities slip on Turkey currency woes

Turkey's President Erdogan addresses Turkish Ambassadors during a meeting in Ankara

Turkey's lira has bled value against the dollar, leaving the country under President Recep Tayyip Erdogan facing its most serious economic challenge since a financial crisis in 2001.

The dispute between the North Atlantic Treaty Organisation allies - brought to a new intensity by Turkey's holding of an American pastor for two years - has raised questions over the future of their partnership and fanned fears of a looming economic crisis in Turkey.

"We are going to boycott United States electronics", Erdogan said at celebrations of the 17th anniversary of his Justice and Development Party.

The latest blow came on Friday, when US President Donald Trump said he had approved the doubling of tariffs on Turkish steel and aluminium.

Erdogan also namechecked Vestel Venus phones as a home-built alternative for his countrymen to buy - a move that helped the shares of the company to rise nearly 5 percent.

During his speech, Erdogan singled out the iPhone as a notable American import.

As Turkey's currency started dropping, President Donald Trump announced that the US would be doubling its tariffs on imports of Turkish steel and aluminum.

Turkish Airlines and Turk Telekom said the advertising boycott would encompass all written, visual and social media, although existing agreements would not be affected.

USA support for Kurdish rebel groups fighting Islamic State (IS) fighters in northern Syria is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country.

Presidential adviser and spokesman Ibrahim Kalin wrote on Twitter: "Our ministry of treasury and finance, Central Bank, Capital Markets Board, Banking Regulation and Supervision Agency and other institutions take necessary steps for financial stability".

Investors are anxious not only about Turkey's souring relations with the United States, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

North and South Korean leaders to meet in Pyongyang in September
Moon was part of the South Korean delegation which travelled to Pyongyang for the second inter-Korean summit held in October 2007. South Korean unification minister Cho Myoung-gyon would only said officials still had work to do before agreeing on a date.

"If they have the iPhone, there is Samsung elsewhere". "What do you want to do?"

"A normalisation of relations with the U.S. could also reduce the amount of legwork that the central bank will have to do to control the economic situation, but this is unlikely to happen at the moment", she added. In other words, Turkey relies on Apple more than Apple relies on Turkey.

The lira has lost about a fifth of its value against the greenback since Friday.

Turkey's central bank has promised to provide banks with liquidity.

Speculators, sensing an opportunity to make a quick profit, have piled into the market, "shorting" the lira and the Turkish stock market, that is, betting that they will fall further.

Accession talks with the European Union have been suspended in response to alleged human rights and rule of law abuses; Washington has said Ankara's decision to buy Russian S-400 missiles was incompatible with Nato's defence systems; and Erdoğan has supported the Islamisation of Turkey.

Erdogan claims that his stance against USA imports is necessary due to the recent collapse in Turkish assets.

Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions".

Trump and Erdoğan hammered out a deal for the United States to get Israel to release a Turkish woman imprisoned for alleged links to Hamas, and for Turkey to release detained U.S. pastor Andrew Brunson - or so Trump thought, sources tell The Guardian.

Hovenier said Washington expected the release of detained American citizens including Brunson "without delay" and "in a fair and transparent manner". USA officials say National Security adviser John Bolton had met with the Turkish ambassador to Washington on Monday.

The Turkish envoy conveyed the message the pressure and threats would only lead to a "chaos" in relations which could only improve after Washington abandons the language of "threats", Cavusoglu said.

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