The iShares MSCI Emerging Markets Index exchange-traded fund rebounded from a five-month low after a report showing an increase in American consumer spending outweighed concern the Chinese economy is slowing.
Turkey’s currency and stocks erased losses, with the lira set for a 10-day high versus the dollar, as Finance Minister Mehmet Simsek ruled out capital controls and Russia’s central bank intervened to support the ruble.
In a London hotel that featured in an early Sherlock Holmes story, Turkey’s finance minister is preparing to tell investors that the graft scandal roiling his country’s financial markets is a case of mistaken identity.
Turkey’s lira and bonds extended losses following weekend protests against a proposal making it easier to ban websites, part of the government’s fight against a corruption scandal it says has cost the country $46.5 billion.
Arresting the lira’s freefall would require Turkey’s central bank to do something that Prime Minister Recep Tayyip Erdogan says would amount to surrendering to those trying to overthrow him: raise interest rates.
Turkey’s Prime Minister Recep Tayyip Erdogan entered the last week of 2013 reeling from a corruption probe that has splintered his party and highlighted economic vulnerabilities as investors unload the nation’s risk.
Turkish Prime Minister Recep Tayyip Erdogan said graft allegations against government officials and businessmen are hurting the economy, escalating a counterattack on what he described as a “gang” within the state bureaucracy.