Emerging markets head for 'textbook currency crisis'

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

New Plan to Rescue Turkey's Deteriorating Economy

Turkish lira plunged on concerns over the deepening rift between Washington and Ankara, hitting a record low of 7.24 against us dollar and weakening some 45 percent so far this year.

Turkey's Capital Markets Board (SPK) and financial crime board have also said they would take legal steps against those who spread misinformation about financial institutions and firms, or reports that the government would seize foreign-currency deposits. The pastor's Turkish lawyer launched a fresh appeal on Tuesday for his release. The two countries have been at odds over the detention of American pastor Andrew Brunson in Turkey.

In corporate news, German conglomerate Bayer took a dive after a U.S. jury ruled against its Monsanto unit on Friday and awarded US$289 million to a former school groundskeeper who said that exposure to Monsanto's Roundup weed killer caused cancer. "And we have our own telephone brands", he said in clear-worded remarks.

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. The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis. "That suggests to me this relief rally may be pretty short-lived", said Viraj Patel, a currency analyst at ING in London. Other developing countries have seen their currencies hit amid the questions over Turkey.

The imprisonment of U.S. pastor Andrew Brunson has weighed heavily on relations, leading to a series of escalations.

Ankara has repeatedly said the Brunson case was up to the courts and a Turkish judge moved Brunson from jail to house arrest in July. Erdogan claims that his stance against USA imports is necessary due to the recent collapse in Turkish assets.

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While it's not the largest burning in the state, the Holy Fire has raised concerns about effects on residential communities. On Monday, Yosemite National Park officials announced the reopening of Wawona Road and Mariposa Grove to visitors.

Turkey is grappling with a currency crisis sparked by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States.

Bayer plunged 11 percent in Frankfurt after a shock USA ruling against its subsidiary Monsanto. They have iPhones, but on the other hand there are Samsungs.

The geopolitical turmoil in Turkey gave no reprieve to its local currency in the opening session as the Turkish lira continued its freefall, hitting an all-time low of 7.24 versus the US dollar.

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. Not only would this help contain inflation but it would also help support the lira.

Turkish President Recep Tayyip Erdogan vowed to boycott American electronics, including Apple Inc.'s iPhone, as he retaliates against Donald Trump's attempts to isolate his economy.

Erdogan, rejecting economic fundamentals as the cause of lira weakness, said Turkey was the target of an economic war and has made repeated calls on Turks to sell their dollars and euros to shore up the national currency. 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.

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