Turkish Lira Slides, Chinese Shares Touch 21-month Peak

Published Date : Oct 09, 2017

China shares jumped Monday as a discouraging service sector survey did not do much to erode optimism on global growth. However, British and Turkish currencies faced turbulence amid political uncertainty. In the U.S., bonds will be kept closed unlike stocks. A partial holiday in the country and a full-day holiday in South Korea and Japan caused liquidity to lack. Heights not reached since late 2015 are said to have achieved by the Chinese blue-chip CSI300 index rising to a 1.9%, relatively as an overdue reaction to central bank’s targeted easing publicized a week before.

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Against several competitors, the greenback was one shade softer at a 93.760 in currency markets. After hitting as high as 113.43 Friday, the dollar mellowed down to a 112.60 yen. The euro, on the other hand, was fractionally firmer at a US$1.1741, supported by television images of hordes of people in Barcelona demonstrating against moves to declare Catalonia’s independence from Spain. The Turkish lira took a dive, where the greenback went up a 4.0% at one point, the best in seven months, in the background of a diplomatic row with Washington.

The pound ran higher on the back of reports that Theresa May could dismiss Boris Johnson for the reassertion of her authority post a succession of political disasters. However, sterling had been chipped away by the conjecture that May herself could be expelled ahead of Brexit talks between the EU and Britain. Consequently, the initial spike could not be handled, and the pound shortly stabilized around a US$1.3080.