Turkish court rejects United States pastor’s appeal to be released

Turkey's President Recep Tayyip Erdogan has said his country will boycott U.S. electronic products, after Washington imposed punitive sanctions on Ankara. "If you are going to park your money somewhere to stay away from the turmoil, the dollar is going to be the currency of choice", he said.

"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given in to the enemy", he said.

Turkey has sharply raised tariffs on USA imports, including passenger cars, alcohol and tobacco.

Government bonds rallied and the lira surged from local retail accounts sold dollars to take profit after the currency slid nearly 30 percent against the greenback over the past month.

That opinion is not shared by worldwide financial analysts, who worry Turkey's economy is so weak and dependent on foreign money that American tariffs could trigger a collapse that drags European markets down.

Turkish business groups have begged Turkish President Recep Tayyip Erdogan to ease up in his feud with the United States as the Turkish currency continues to struggle.

Brunson's lawyer, İsmail Cem Halavurt, filed the demand on August 14 around a week after his previous appeal was rejected by the Turkish court in the western province of İzmir. It was up 5 percent on Tuesday, at 6.55 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks. Banks can extend the maturities, refinance loans, extend new debt to help troubled companies, and seek new collateral.

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The coalition against the rebels receives logistical and intelligence support from the US, UK and France. The US State Department urged the alliance to "conduct a thorough and transparent investigation".

The lira was around 6.55 to the dollar on Tuesday, up 6% on the previous day after the central bank freed up cash for banks, and a slight recovery from a record low of 7.23 on Sunday.

That helped ease the turmoil in financial markets, with the Turkish lira stabilizing near record lows.

The lira is down roughly 40 per cent his year, dropping 10 per cent of its value on yesterday alone. "It can buy time, finger in the dike, but the longer term issues remain", said Tim Ash, a senior emerging market strategist at Bluebay Asset Management LLC in London.

Mr Erdogan has presided over soaring inflation and borrowing levels, but insists the lira's plight is the result of a "campaign" led by foreign powers.

Asked how U.S. President Donald Trump's administration would react to any such Turkish boycott, White House Press Secretary Sarah Huckabee Sanders replied during Tuesday afternoon's briefing, "I certainly don't have a policy announcement on that at this point".

Turkey doubled tariffs on some US imports including alcohol, cars and tobacco on Wednesday in retaliation for USA moves, but the lira rallied further after central bank's liquidity moves had the effect of supporting the currency.

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