Global markets wrap: Turkey crisis piles pressure on Asian shares

A container ship is docked at the Port of Miami Fla

The United States has imposed sanctions on two Turkish ministers over the trial on terrorism charges of a USA evangelical pastor in Turkey, and last week Washington raised tariffs on Turkish metal exports. Though it was unclear how the boycott would be enforced or encouraged.

"Copper and other commodities at first reflected the downturn in China but now have been exacerbated by expectations of further economic weakness", said Kristina Hooper, chief global market strategist at Invesco in NY.

"In a lot of ways some of his actions have amplified this risk-off type of environment, which has ultimately helped the us dollar strengthen in the near-term", said Charles Tomes, senior investment analyst and trader at Manulife Asset Management in Boston.

The dollar index, which measures the USA currency against a basket of six currencies, is up almost 5 percent this year, its strongest performance for the January to mid-August period since 2015.

Turkey's business lobbies called on Tuesday for a tighter monetary policy to stabilize the lira, and for diplomacy to solve US-Turkish disputes. "Combined with doubts over the [monetary] normalisation efforts of the European Central Bank this limits the upside potential in EUR-USD for now", said Reichelt. In a joint statement issued yesterday, the industrialists' group Tusiad and the Union of Chambers and Commodity Exchanges also called for diplomatic efforts to resolve the spat with the U.S. and improve relations with the EU, Turkey's major trading partner.

A banking watchdog's step to limit foreign exchange swap transactions also helped the currency.

Attention will turn Thursday to an address by the finance minister to foreign investors for clues on any change in economic policy.

Brunson s lawyer Cem Halavurt confirmed to AFP that he appealed for the release of his client once again on Tuesday, saying that: "The court should deliver its ruling in the next three days". It was not clear when the court would consider the appeal.

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On Aug. 10, Trump intensified the dispute with Turkey over its detention of a USA evangelical pastor on terrorism charges by imposing higher tariffs on metal imports.

Brunson was arrested and indicted on espionage and terror-related charges back in 2016 in connection with a failed military coup operation. Brunson faces a possible prison sentence of 35 years. They also called on Turkey to work with the United States to improve relations.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in global affairs", Lavrov said.

Erdogan on Tuesday maintained that Turkey's economy was under attack and that the currency turmoil did not reflect its strength.

Cavusoglu recalled Turkey's long-standing demand for lifting visa requirements for Turkish citizens travelling to Russian Federation.

"If we divert our money to foreign currency.then we will be in the position of having surrendered to the devil", Erdogan said.

The administration's move to impose import tariffs on China, Europe, Mexico and Canada is also expected to contribute to inflation, which tends to ramp up bets on a swifter pace of Fed rate hikes and, in turn, a stronger dollar. And the population is growing [at the rate of] one to two [percent], so per capita, that's really not much of a gain". Many items are sold out. "That's why we are directly impacted in an extreme way".

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