Turkey is a 'target of economic war', Erdogan says

Trump Relations with Turkey are not good

"Normally, Turkey might be able to shrug off this kind of story; however, right now the Turkish economy is already in the terminal stages of a descent into crisis".

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Mr Erdogan told supporters.

Turkey has arrested an American pastor and put him on trial for espionage and terrorism-related charges linked to a failed coup attempt in the country two years ago. Erdogan has appealed to the people to convert their dollars to liras, saying Turkey is in the midst of an "economic war" with the West.

Last week's freefall followed the USA doubling import tariffs on Turkish steel and aluminium.

Looking at early signs of stress in the banks' dollar bond yields, he concluded: "One possibility is that investors have become concerned that USA sanctions could expand to include the banking sector, adding a premium to the yield on Turkish banks' bonds".

Tech stocks drive Nasdaq higher; Dow, S&P flat
Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent. For the week, the Dow Jones reported a loss of 0.6%, the S&P 500 reported a loss of 0.3% and the Nasdaq Composite gained 0.4%.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said.

The dollar rose as exposure to Turkey could impact European banks and spark a domino effect throughout Europe as people begin to pull out of those banks and into the US, said Gregan Anderson, macroeconomic strategist at brokerage Bulltick LLC.

A plunge in the Turkish lira rocked global equities and emerging markets on Friday and fear of more turmoil sent investors scurrying for safety in assets like the yen and us government bonds.

Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016. Speaking in the northeastern province of Gumushane, Erdogan said, "Apparently, those who believe they can force us to capitulate don't know [our] people at all".

Maurizio Sarri already has some 'regrets' over Chelsea's transfer window
Maurizio Sarri's reign as Chelsea manager got off to the best possible start with an eye-catching 3-0 win away at Huddersfield . Before the second goal , the Terriers had hit a post through Steve Mounie's header, but it was to be Sarri's and Chelsea's day.

The Turkish lira has lost about 40 percent of its value this year alone, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.

He declined to specifically mention any countries by name, although the comments come amid an ongoing row with the United States and after the Trump administration increased tariffs on Turkish steel and aluminum on Friday. In the same year, Turkey was ranked the United State's 31st top trading partner.

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece. Trump also threatened additional "large sanctions" against Turkey, a North Atlantic Treaty Organisation ally, for Brunson's detention.

Erdogan also warned that Turkey could start looking for new allies if Washington damaged its relations with Ankara.

Erdogan has said Turkey was not afraid of "threats" and will find "alternatives" for economic cooperation in many places "from Iran, to Russian Federation, to China and some European countries". On Friday, The New York Times published an article by Erdogan himself.

Championship report: Derby County 1 Leeds United 4
Lampard saw Leeds pull his team apart with pace and movement as his first home game in charge ended in a chastening defeat. They moved the ball better, we made mistakes which gave them goals.

Albayrak, who formerly served as energy minister, yesterday announced what he has described as a "new economic model" for Turkey but he focused on macro-economic issues and steered well clear of tackling the currency crisis.

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