Turkish President Recep Tayyip Erdogan said his country was moving towards allowing trade with Russia, China and Iran to be conducted in local currencies, as he continues his efforts to strengthen the falling lira.
“If we buy something from them, we will use their money, if they buy something from us, they will use our currency,” he said, ahead of a trip by Turkish Prime Minister Binali Yildirim to Russia for meetings on Tuesday.
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Time For Truth: (Yahoo News) – Erdogan wants trade with Russia, China in local currencies
Asian share markets have surged back after Wednesday’s sharp sell-off in the immediate aftermath of Donald Trump’s US election victory.
Thursday’s rally followed rises in Europe and the US, as the market meltdown many had anticipated failed to materialise.
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Time For Truth: (BBC News) – US Election 2016: Asia markets bounce back after Trump win
RARELY do people compare the British pound to the Nigerian naira, Azerbaijani manat or Malawian kwacha. But these are special times. Following the Brexit vote, investors dumped sterling. Some are worried about the possibility of a “hard” Brexit. Others are simply baffled by the government’s xenophobic and divisive rhetoric.
U.S. stock index futures pointed to a sharply lower open on Wednesday, weighed by declines in oil prices, continued concerns about China and fresh geopolitical worries from news out of North Korea.
Dow futures fell 300 points just before 8 a.m., ET, and traded about 280 points lower after morning data reports.
The U.S. November trade deficit came in at $42.4 billion. The December ADP report showed creation of 257,000 payrolls.
The dollar fell against the euro and other major currencies on Thursday as bets dwindled on the Federal Reserve next month raising US interest rates for the first time in nearly a decade.