Asian stocks sink as Turkey fears hurt emerging markets

Turkey has plan to ease market concerns, minister says, as lira plunges again

Erdogan reiterated on Monday his view that the currency's crash had no economic basis, saying that USA sanctions imposed on Turkey over the terrorism trial of the pastor, Andrew Brunson, represented a "stab in the back" by a North Atlantic Treaty Organisation ally.

He says it would "facilitate solving the economic problems" so "at the end of the day it's also in the interests of Turkey".

The appeal document seen by Reuters said the court should halt any unlawful political interventions and lift judicial control provisions imposed on Andrew Brunson.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

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

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny. Brunson, who faces up to 35 years in jail if found guilty, denies the charges.

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.

Iran's Ayatollah Khamenei: No negotiations with cheating, bullying US
Of course, they do not declare all those goals during negotiations, but pursue [realization of] all of them through bargaining during talks.

US stocks are rallying as worries about Turkey's currency crisis eased.

It did not provide information on the accounts but said they aimed to "manipulate the dollar rate and form negative perceptions" concerning the Turkish economy. He suggested Turks would buy local or Korean phones instead of US -made iPhones, though it was unclear how he meant to enforce the boycott.

Erdogan repeated his call for Turks to sell dollars and buy lira to shore up the currency, while telling business owners not to stock up on dollars.

The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara. They also said Turkey should work to resolve the situation with the United States diplomatically while also improving relations with another major trading partner, the European Union.

The lira recouped some losses after hitting a new record low early today on concerns about a deepening rift with the United States. President Recep Tayyip Erdogan has ruled out that step. Factory output rose 6 percent over a year earlier, in line with the previous month but below forecasts. It remains not far from the record low of 7.23 per dollar hit Sunday.

CURRENCIES: Turkey's currency fell another 8 percent on Monday, bringing its losses this year to 46 percent.

The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday.

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