Turkey s President Recep Tayyip Erdogan says country will defy economic threats

Equities in Hong Kong and China recouped most of their decline while shares in Japan pared losses

Equities in Hong Kong and China recouped most of their decline while shares in Japan pared losses

Erdogan wrote in an op-ed last week for The New York Times: "The Turkish people expected the United States to unequivocally condemn the attack and express solidarity with Turkey's elected leadership".

The fate of Andrew Brunson, charged with terror offenses by a Turkish court, also overshadows the predicament of a Turkish-American scientist from NASA and several Turkish workers for the USA diplomatic mission who were arrested in Turkey.

Turkey is calling for the U.S.to extradite a Pennsylvania-based Muslim cleric accused engineering a 2016 coup attempt.

All the while, the lira has plummeted - even reaching a record low against the USA dollar early Monday before managing modest rallies in the following days.

"Turkey did not and will not surrender to those which try to make Turkey as a strategic target", he said in reference to the USA without naming the country. On Friday, the court rejected his third appeal to be released from house arrest.

Turkish President Recep Tayyip Erdogan said Saturday his country would challenge those playing "games" on the economy, a day after two rating agencies downgraded Turkey's rating amid a currency turmoil.

The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a U.S. pastor, as Qatar pledged US$15 billion in investment to Turkey, supporting a rise in the Turkish lira.




The United States sanctioned Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, blaming both for being involved Brunson's arrest and detention.

Ankara has retaliated by steeply hiking tariffs on some USA products.

The Turkish president emphasized Turkey's determination to eliminate all threats from Syria and Iraq.

"Some are threatening us with economy, sanctions, exchange rates, interests and inflation". "The Europeans will maintain the existing objections to certain Erdogan policies and continue to voice their concerns, but that won't stop them from developing pragmatic cooperation with Turkey", he said.

"They have invested a lot of pressure into the release of Brunson, given the importance of the midterm elections in the US". Turkey's dollar bonds fell, while the cost of insuring exposure to Turkish debt rose.

The lira has weakened 35 per cent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fuelled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

"There was considerable risk aversion through the early part of the week with fears of Turkish contagion weighing on risk assets and that seems to have reversed somewhat here", said Karl Schamotta, a strategist at Cambridge Global Payments in Toronto. Erdogan has in turn slapped sanctions on USA goods. "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" he tweeted.

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