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Daily Trends Now


Stocks, emerging market currencies up on U.S.-China trade talk plan

Stocks, emerging market currencies up on U.S.-China trade talk plan

After having clawed back most of its losses on Friday and Monday, when it shed 20 percent of its value against the dollar, the lira began falling again on the new sanctions threats, dropping by five percent at one point.

ISTANBUL-Turkey's battered lira weakened 4 percent on August 17 after a Turkish court rejected an American pastor's appeal for release, drawing a stiff rebuke from President Donald Trump who said the United States would not take his detention "sitting down".

Turkish trade minister Ruhsar Pekcan responded to Trump's tweet, telling reporters Friday Turkey would continue to answer to any sanctions from the USA "in accordance to World Trade Organization rules".

US President Donald Trump on Thursday lashed out at Turkey, saying Washington will pay "nothing" to Ankara for the release of a detained American pastor.

U.S. President Donald Trump's administration on Thursday signaled new sanctions against Turkey over Brunson's detention and Turkey said it would reciprocate.

Referring to imprisoned pastor Andrew Brunson, Trump said "they have a great Christian pastor there, he's a very innocent man".

Turkish authorities arrested Brunson in October of 2016 and accused him of being part of the attempted military coup earlier that summer.

The president called the charges against Brunson "phony", adding that Brunson was not a spy.




Erdogan wrote in an op-ed last week for The New York Times: "The Turkish people expected the United States to unequivocally condemn the attack and express solidarity with Turkey's elected leadership".

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.

We recently told you that Pastor Andrew had been released from a Turkish prison and was allowed to return to his house in Turkey where he now remains under house arrest.

Turkey retaliated with some 533 million dollar of tariffs on some U.S. imports - including cars, tobacco and alcoholic drinks - and said it would boycott U.S. electronic goods, singling out iPhones.

"Turkey's been a problem for a long time", Trump told reporters as he departed the White House on Friday for a fundraiser in NY.

Meanwhile, state-owned banking giant The Industrial and Commercial Bank of China (ICBC) reportedly lent $3.6 billion to Turkey back in July - said to be a loan for the energy and transportation sector. Mr Gulen denies the allegations.

"We've put sanctions on several of their Cabinet members", Mnuchin said during a Cabinet meeting with Trump.

Turkey has sought to persuade the United States to spare Turkey's state-owned Halkbank from a threatened fine for allegedly helping Iran evade U.S. sanctions.

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