Turkey lira meltdown LIVE: Trump attacks Erdogan as panic sparks global sell-off CONTAGION


Turkey lira crisis live Erdogan Donald Trump sell-off steel

This was a weakening further from Thursday’s 5.55.

The decline comes amid Turkey’s rift with the US.

They have been at loggerheads over the detention of US evangelic pastor Andrew Brunson on terrorism charges.

Turkish Finance Minister Berat Albayrak has defended Turkey’s situation in a speech in which he promised to “transform” Turkey’s economy.

He also said monetary and fiscal policies are now under the same leadership, resulting in a more «efficient and powerful» ministry.

Turkish president Recep Tayyip Erdoğan tried to downplay concerns of the economy and told Turks “not to worry”.

Follow the Express.co.uk blog below for live updates:

2.50pm update: Erdogan due to make another speech

The speech was scheduled to take place at 4:30pm local time (2:30pm London BST).

Stay posted for when it starts.

2.46pm update: The lira has not surpassed the Argentine peso as the worst performer of 2018

The lira’s meltdown has hit emerging market currency.

Argentina’s peso is down almost 4 percent versus the dollar, the South African rand is dropping 2.4 percent and the Hungarian forint 1.7 percent lower. The Mexican peso and Brazilian real are both down 1.5 percent.

2.45pm update: Erdogan speaks with Putin

The two leaders spoke to discuss economic ties.

2.30pm update: Donald Trump tweets that he has authorised doubling Turkish tariffs

Donald Trump tweeted: “I have just authorised a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminium will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!”

Shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively after Trump’s tweet.

12.12pm update: Euro plunges to lowest level for years

The euro fell to its lowest level since July 2017 and the dollar rallied as Washington piled pressure on Ankara and Moscow. The lira went into free-fall, sinking more than 10 percent to all-time lows.

European stocks looked set to start well in the red, following losses in Asia and U.S. futures.

Spreadbetters indicated London’s FTSE was set to open 4 points lower at 7,738, Frankfurt’s DAX 17 points lower at 12,660 and Paris’ CAC 11 points down at 5,491.

U.S. S&P mini-futures were down 0.4 percent, after modest losses on Wall Street overnight.