Turkish lira, equities enjoy bounce in Asia

Stocks slumped as investors were concerned about slowing Chinese growth and contagion from Turkey's crisisMore

Erdogan also has called on people to exchange their US dollars for Turkish lira to help strengthen the exchange value of the country's currency. "We will protect our economic independence by being tight-knit together", he told members of his AK Party in a speech.

The move is seen as retaliation for the United States' decision to sanction two Turkish ministers over the detention of an American pastor on terror-related charges, and to double tariffs on Turkish steel and aluminum imports.

"The attempts by Turkey to halt the demise of the lira and the country's soaring bond yields have proven inadequate thus far", said David Cheetham, chief market analyst at XTB.

Turkey fired the latest salvo Wednesday in its growing confrontation with the Trump administration by imposing heavy tariffs on products imported from the United States, including cars, alcohol and tobacco.

"However, within a few months Western banks that have strong ties with Turkey will feel the impact of the crisis as Turkish corporates will struggle to repay debt in foreign currency.

Turkey's finance minister will also seek to reassure worldwide investors in a conference call on Thursday. The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis.

"We will implement a boycott against America's electronic goods", Erdogan told the conference. Amid calls to "burn" the dollars, the group headed to a bank branch where they converted the money, it said.

The White House called the Turkish response a step in the wrong direction and signalled a hard line on Brunson's release.

"We supported him with our lives on 15 July", shopkeeper Arif Simsek said, referring to a failed 2016 military coup.

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But shopkeeper Umit Yilmaz scoffed.

In Istanbul, 35-year-old Sukru Gumus, one of millions of Turks grappling with the country's economic crisis, said the crisis was raising costs for his business. All these people are supposed to not buy iPhones now?

Following a day of gains on Tuesday, investors were again in a bearish mood, driving down markets in Tokyo, Hong Kong and Shanghai, but the Turkish lira was spared the freefall of recent sessions.

Some investors are anxious that the market turbulence caused by Turkey's economic meltdown might delay the ECB's monetary normalisation timetable, said Commerzbank FX analyst Esther Maria Reichelt.

"What you want to see is tight monetary policy, a tight fiscal policy and recognition that there might be some short-term economic pain - but without it there's just no credibility of promises to restabilise things", said Craig Botham, Emerging Markets Economist at Schroders.

Following Monday's meeting between Bolton and Turkish ambassador Serdar Kilic, US officials have given no indication that the United States has been prepared to give ground in the standoff between the two countries' leaders. Following the meeting, USA officials have given no indication that the United States has been prepared to give ground in the standoff between the two countries' leaders.

Sanders said the USA tariffs on steel and aluminum will not be lifted even if Brunson is freed, but suggested the sanctions against Turkish officials could eventually be removed.

Jeffrey Hovenier, the US Charge d'Affaires, spoke to reporters Tuesday after visiting Pastor Andrew Brunson who is being held under house arrest in the Turkish city of Izmir.

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