Turkey court rejects USA pastor Andrew Brunson release appeal

Equities in Hong Kong and China recouped most of their decline while shares in Japan pared losses

On Friday, the Turkish lira TRY= snapped a three-day rebound, sliding more than 5 percent against the dollar on worries about the threat of more American economic sanctions unless Turkey hands over detained US evangelical pastor Andrew Brunson.

Turkey's currency, the lira, has plummeted after the two nations imposed tariffs on one another's goods.

Erdogan has in turn imposed sanctions on USA goods.

Memories of past emerging market crises, such as the Asian financial turmoil of 1997 and Turkey's 2001 crisis, haunted investors this week and prompted selling across emerging market assets as a whole.

On Thursday, Turkish Finance Minister Berat Albayrak assured global investors on a conference call that the country would emerge stronger from its currency crisis and that its banks were healthy.

"We've already responded based on the World Trade Organization rules and will continue to do so", he was quoted as saying by Turkey's state-run Anadolu news agency.

On Thursday, Trump tweeted that the U.S. would "pay nothing" for the release of Brunson, but would punish Ankara if he is not released.

President Donald Trump last week ramped up his attack on Turkey by doubling US tariffs on Turkish aluminum and steel imports.

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On Wednesday, in retaliation, Turkey increased tariffs on several US-origin products, including alcohol, tobacco products and cars.

"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.

Brunson is charged with spying for the PKK - a designated terrorist group in the USA and Turkey - and the Fetullah Terrorist Organization (FETO), the group behind the defeated July 2016 coup attempt in Turkey during which 251 people died and thousands were injured. "We are not going to take it sitting down, they can't take our people so we will see happens".

Ankara accuses Mr Brunson - who operates a tiny evangelical church in Izmir - of having links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup two years ago.

Mr Trump described him as "our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage".

The influential Protestant evangelical church in the USA is a major support base for Mr Trump.

"Turkey will emerge stronger from these [currency] fluctuations", he said on Thursday as he addressed foreign investors and economists from the US, Europe and Asia via a conference call in a bid to soothe the markets. The two North Atlantic Treaty Organisation allies have been at loggerheads for months over a host of diplomatic issues, namely Turkey's refusal to release an American pastor and differences over their handling of the Syrian conflict. Mr Gulen denies the allegation.

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