Wednesday, 26 September, 2018

S&P 500, Dow slip as Turkey's currency woes spread

Turkey’s President Recep Tayyip Erdogan is showing no signs of backing down in a standoff with the US that rattled markets. — Reuters pic Turkey has plan to ease market concerns, minister says, as lira plunges again
Russell Knight | 14 August, 2018, 13:14

"If you pressure us through the dollar, we will look for other ways to carry out our works", he said. USA indexes are coming off their worst losses in a month as investors anxious about financial upheaval in Turkey which has sent that country's currency, the lira, plunging.

European markets were slightly lower Monday, following steeper declines in Asia.

Turkey yesterday announced it would take legal action against hundreds of social media accounts it said were "creating a negative perception" of the economy amid the ongoing plummet of the Turkish lira.

Stocks were on a five-week winning streak before last week.

Raising interest rates was a "tool of exploitation" against business, he said. But there are other factors weighing down the lira.

Thomas Cook also lost 2.4 percent and EasyJet retreated 1.4 percent. The Argentine peso sank to an all-time low amid investor caution and a corruption scandal involving former government officials.

In the first move on Monday to reassure the markets and to limit the damage from the fall of lira, the Ankara-based regulator said it will "take all necessary measure" and eased rules that govern how commercial banks in the country manage their lira and foreign currency liquidity. Turkey considers the control of regions in northern Syria by the SDF and the YPG a direct threat against its national security due to the ongoing conflict with the PKK since early 1980 that killed more than 40,000 people and cost billions to the country's economy.

"We will give our answer, by shifting to new markets, new partnerships and new alliances", he said.

"The US is a relative beacon of strength with stable to improving economy".

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From there he will begin to work with Chris Paul , James Harden and the rest of the team to figure out how he will be used. Anthony has traveled to Houston and will finish his physical Monday before signing the contract, league sources said.

Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again
China's yuan dipped a little more than 0.3 percent on Monday, adding to the losses the currency has sustained this year. You can follow the progress of markets over the day on Markets Insider . "Every outburst by Erdogan explodes on us".

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Another potential change is that we're still not sure if Disney intends to make this a musical like their other recent remakes. "Production on Disney's " Mulan ", a live-action adaptation of the studio's 1998 animated feature , has begun".

WALL STREET: A stronger dollar hurt exporters, whose goods will get more expensive overseas.

The S&P 500 index lost 11.35 points, or 0.4 per cent, to 2821.93 after a drop of 0.7 per cent on Friday. The Dow Jones Industrial Average slid 125.44 points, or 0.5 per cent, to 25,187.70.

Investors are anxious that Turkish companies could struggle to repay loans in dollars and euros - a debt pile that only grows as the lira falls. But they said the US tariff hike on Turkish steel at a time of "considerable stress" tells emerging economies not to expect Washington's help to calm their markets.

Turkey's market carnage rippled across emerging markets, sending both stocks and currencies toward their lowest levels in a year.

Stocks were on a five-week winning streak before last week, and strong corporate earnings reports were a big factor. "We will be taking the necessary steps with our banks and banking watchdog in a speedy manner". He called on the Turkish ambassadors to continue working in "a spirit of mobilisation" and urged them to work more efficiently and in much more result oriented way in the new period. Monsanto said government agencies and hundreds of studies have concluded Roundup is safe.

Prices fell earlier in the session by more than $1 a barrel after inventories at the Cushing, Okla., delivery hub for WTI rose by about 1.7 million barrels in the week through August 10, traders said, citing data from market intelligence firm Genscape.

Motorcycle maker Harley-Davidson fell 4.3 per cent to US$41.38 after US President Donald Trump tweeted in support of a potential boycott of its products.

Trump has been criticising the company since June, when it said it would move more manufacturing out of the U.S. to avoid European tariffs. The EU put new taxes on USA motorcycles in response to the Trump administration's tariffs on products imported from Europe.

United States crude oil fell 0.6 per cent to US$67.20 a barrel in NY.

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