Wall St. gains as earnings beat; Turkish lira rebounds

Turkey has plan to ease market concerns, minister says, as lira plunges again

New Plan to Rescue Turkey's Deteriorating Economy

Investor confidence was also boosted as Turkish Minister of Treasury and Finance Berat Albayrak announced he would hold a conference call with investors from the United States, Europe and the Middle East on Thursday, his first since assuming the post two months ago. "That is in our interests, too".

Erdogan is due to visit Germany next month.

While Asian emerging markets are relatively isolated from what's happening in Turkey, foreign investors that have bond exposure to the country may have also cut holdings in other developing nations to offset losses or hedge their position, said Maximillian Lin, an emerging-market Asia strategist at NatWest Markets in Singapore.

He said Turkey's economy remains strong and argued that the national currency, which has lost around 45 percent of its value since the start of this year, would soon settle "at the most reasonable level".

In an apparent reference to the United States, Erdogan said "the bullies of the global system can not roughly, shamelessly encroach on our gains that were paid for by blood".

Erdogan said there is an "economic terror" being waged on social media, adding that "traitors" would be punished. The White House said the newly imposed sanctions would take effect from Aug 13.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

In a joint statement issued Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges also called for diplomatic efforts to resolve a spat with the United States and improve relations with the European Union, which is Turkey's major trading partner.

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The MDC-Alliance intends to scuttle the inauguration through an application challenging the presidential election results. On August 1, soldiers opened fire on MDC protesters, killing six people and sparking an worldwide outcry.

And global markets are reeling from the decline in the Russian ruble, too, which is under pressure from the lira as well as news of USA sanctions on Russia over Moscow's alleged poisoning of an ex-spy on British soil. U.S. President Donald Trump said Friday he will authorize higher tariffs on Turkish steel and aluminum.

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

Erdogan repeated his call for Turks to sell dollars and buy lira to shore up the currency, while telling business owners not to stock up on dollars.

The United States has imposed sanctions on two Turkish ministers over the trial on terrorism charges of a US evangelical pastor in Turkey, and last week Washington raised tariffs on Turkish metal exports.

The Istanbul Public Prosecutor's office announced it had begun investigating "those who had taken actions which threatened economic stability". "In our own country we have Vestel", Erdogan said.

The Turkish finance minister says his government has prepared an "action plan" to help ease market worries as the national currency continues to tumble in the face of planned USA sanctions.

The lira plunged to a fresh record low of 7.24 against the dollar during in Asia Pacific trade, where markets were opening for Monday morning.

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