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Turkish President Racep Tayyip Erdogan threatened to boycott electronic products made in the United States, including one of the iPhones.
The threat was conveyed by Erdogan in his speech on Tuesday (August 14). Steps to boycott US products were made in retaliation for sanctions imposed on the detention of an American pastor, as well as to encourage the Lira currency which was at its lowest level.
As an alternative, this 64-year-old man said he would use goods made in the country or Apple’s competing companies in Asia.
(read more: CNN)
As emerging markets take a battering from Turkey’s turmoil, sending stocks and bonds toward their lowest this year, traders are positioning themselves to ride out the pain.
Traders pushed down the value of emerging market assets Monday as Turkish assets sank, before stabilizing on Tuesday. The carnage in Turkey added to an already fragile landscape amid tensions between the U.S. and other major economies such as Russia and China. While some investors say bargains are already emerging, others bet the best option is to sell stocks and bonds and put their money into cash.
Kevin Daly, a money manager at Aberdeen Standard Investments in London:
(read more: Bloomberg)
The Turkish lira sank to a fresh record low of 7.24 to the dollar in early Asia Pacific trade, as investor worries over the state of the economy and deteriorating ties with the United States continued to drag down the currency.
By 1903 GMT on Sunday – early Monday morning in the Asia Pacific – the lira TRYTOM=D3 was at 7.06 against the dollar, after touching 7.24 earlier.
The Turkish lira has lost about 40 percent of its value this year, largely over worries about President Tayyip Erdogan’s influence over the economy, his repeated calls for lower interest rates in the face of high inflation, and a row with the United States.