Asian shares gain on U.S.-China trade talks, lira recovers

Asian shares gain on U.S.-China trade talks, lira recovers

During his meeting with the Turkish President Recep Tayyip Erdogan at the Presidential complex in Ankara, the Amir announced an initiative that will see Qatar provide support to the Turkish economy with a host of economic projects, investments, and deposits worth a total of QR55bn ($15bn).

Presidential spokesman Ibrahim Kalin also told reporters Thursday that their like-minded position could present an "opportunity" for Turkey and European countries to further improve relations.

A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet USA representatives, China's Ministry of Commerce said in a statement, with the Wall Street Journal reporting that talks will take place in Washington on August 21 and 22.

Turkey's influential business groups have called on the government to implement tighter monetary policy to help overcome the country's currency crisis.

Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

"The worst of the broader contagion fears is likely behind us, and we do not expect further knock-on effects from Turkish concerns for the major currencies or for global financial markets more broadly", said Erik Nelson, currency strategist at Wells Fargo Securities in NY.

While Turkey descends into a currency crisis, the Turkish Lira has fallen to a record low of TL 7.23 to the Dollar.

The American pastor continues to be detained in Turkey - a North Atlantic Treaty Organisation ally - despite Trump's demands that Brunson be freed.

She said the administration would consider removing those sanctions if Pastor Brunson is allowed to leave Turkey.

Trump visits Fort Drum to sign military spending bill
Separately, the NDAA authorizes spending $7.6 billion for 77 F-35 Joint Strike Fighter jets, made by Lockheed Martin Corp. Besides setting policy and spending levels, the bill weakens a bid to clamp down on Chinese telecom company ZTE.

Turkey's move to increase tariffs on United States imports has helped boost its weakened currency.

An official at a Japanese bank warned that uncertainties over Turkey continue to cap the dollar's topside, though the lira's tumble has come to a halt.

Trump is willing to ramp up sanctions further if Turkish president, Recep Tayyip Erdogan, refuses to release U.S. pastor, Andrew Brunson.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday.

The White House says the move is unrelated to Brunson's case. And while many global economists peg the currency's troubles to a combination of debt, inflation and Erdogan's vow to reject raising interest rates - a typical solution to these problems - Erdogan himself has found a ready villain: the U.S.

Some Turks have been responding to their president's call to boycott United States electronic goods by posting videos in which they smash iPhones with bats, hammers, and other blunt instruments. Ankara also wanted Washington to hand over Turkish cleric Fethullah Gulen, who lives in Pennsylvania and who Turkey suspects of plotting the coup against Mr Erdogan.

The national currency recovered somewhat from record lows hit earlier this week, a day after Qatar pledged 15 billion dollars (£11 billion) in investments to help Turkey's economy.

His telephone call with Macron comes a day after he spoke on the phone with German Chancellor Angela Merkel.

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