Turkey – Herald Port

Market wants ‘decisive action’ so Turkey needs to raise rates

11Sep

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Business, Economy, International

Market wants ‘decisive action’ so Turkey needs to raise rates

Speaking at an event marking his country’s independence from Japanese rule, Moon said such a “community” could eventually herald the launch of a “multilateral security system” in the region, according to the report. “This community will lead to an energy bloc and economic bloc in Northeast Asia by expanding our economic area to the northern continent and becoming the foundation of co-existence and prosperity in Northeast Asia,” Moon projected, according to Yonhap. The president’s administration will seek to link railways and roads with the North before year-end, Yonhap said. The initiative is one of many efforts that Seoul is undertaking to strengthen peace in Northeast Asia following June’s milestone U.S.-North Korea summit. Since then, the reclusive regime has dismantle...

European stocks open slightly higher as Turkey crisis weighs on sentiment

Shares in Europe open slightly higher Wednesday as concerns over the Turkish currency crisis continue to affect investors’ appetite. However, trading flows were also sluggish as a number of European bourses are closed due to a public holiday, including Italy, Greece and Austria. The pan-European Stoxx 600 was up by 0.18 percent with most sectors trading in positive territory. In Asian trading was mostly lower, failing to follow the positive beat on the Wall Street. Investors remain wary of potential economic spill overs from Turkey, where a spat with the United States and certain economic policies have led to a sharp fall in the value of its currency. The lira was down about 2 percent against the dollar and the euro at about 6.20 a.m. London time. In other news, China ha...

Market wants ‘decisive action’ so Turkey needs to raise rates: Yale economist Stephen Roach

Turkey’s central bank needs to raise interest rates to contain the country’s financial crisis, veteran economist Stephen Roach told CNBC on Monday. Earlier in the day, Turkish lira dropped to a new all-time low of 7.24 against the U.S. dollar. It later pared some of those losses to trade around 6.99. “The markets clearly want much more decisive action,” said Roach, former chairman of Morgan Stanley’s operations in Asia. However, Turkish President Recep Tayyip Erdogan “is not about to do that both in terms of policy as well as rhetoric,” he said on “Power Lunch.” Roach, now a senior fellow at Yale University, believes what Turkey needs is “a really large and strong monetary tightening.” Last week, the economic crisis engulfing Turkey deepened after ...