Monday, 22 April, 2019

Premarket: Stocks dive, euro falls, as Turkey turmoil ripples out

Premarket: Stocks dive, euro falls, as Turkey turmoil ripples out Premarket: Stocks dive, euro falls, as Turkey turmoil ripples out
Russell Knight | 10 August, 2018, 15:27

"Overall, the central bank's tools to intervene to the currency market are limited because of the small size of fx reserves compared to the liabilities".

President Recep Tayyip Erdogan has called on Turks to "have no worries" after the national currency lira hit a new record low amid political tensions with the U.S.

Analysts say the lira will keep falling unless the central bank hikes interest rates.

The pound was up 0.15 per cent against the euro but was down 0.5 per cent against the dollar, taking it to a 13-month low.

The MSCI All-Country World index, which tracks shares in 47 countries, was also down 0.6 percent on the day, having erased all its gains for the week.

The added weakness in Turkish currency - that has seen it plunge a further 10% - comes as disappointment set in after talks between Turkish and USA diplomats in Washington failed to result in a compromise that was likely to ease sanctions. "The lira, which at the time of writing trades around 6.00 against the USD (over 30% YTD, EUR/TRY 6.85), looks broken and has increased contagion risks across the EM market and led to safe haven flows (UST, Bunds and EUR/USD down)". The lira is now down 36% this year and bond yields have sky-rocketed.

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FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018.

Investors are now awaiting the release of US consumer price inflation data for July for clues on the interest rate outlook and to gauge if new import tariffs were starting to have an impact.

He added that investors were becoming increasingly anxious about rising inflation in Turkey and the ability of the country's central bank - whose independence has been questioned by investors - to do anything about it. Overnight it had retreated to its lowest since November 2016 on threats of new US sanctions, weakening beyond the psychologically important 65-per-dollar threshold.

"Don't forget, if they have their dollars, we have our people, our God".

In commodities, US crude oil CLc1 fell 0.5 percent to $66.51 a barrel, while Brent crude LCOc1 was 0.4 percent lower at $71.77 per barrel.

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