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Turkish Lira Drops To Record Low Against U.S. Dollar As Erdogan Wins Runoff Election
(RTTNews) - The Turkish lira dipped against the U.S. dollar on Monday, as Tayyip Erdogan won the country's presidential run-off election on Sunday.
Erdogan attained 52 percent of the vote in the second round of voting, whereas his opponent Kemal Kilicdaroglu got 47.86 percent.
The win gives him another five-year term, extending power until 2028.
The Turkish lira touched a record low of 20.07 against the greenback from yesterday's close of 19.87.
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Turkish Lira Falls To 4-week Low Against U.S. Dollar
The Turkish Lira fell against the U.S. dollar in the New York session on Thursday, despite a 500 basis-point hike by the Turkish central bank.
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U.S. Dollar Falls Against Euro, Pound
The U.S. dollar fell against the euro and the pound in the New York session on Friday.
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Swiss Market Ends On Weak Note
Save for a brief while around mid morning when it edged slightly above the flat line, Switzerland's benchmark index SMI remained in negative territory on Friday amid concerns about high tech valuation and fading hopes of an interest rate cut by the Federal Reserve next month.
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European Markets Close Weak On Growth Concerns, Fading Fed Rate Cut Hopes
European stocks closed weak on Friday amid concerns about high tech valuations, and fading hopes of a Federal Reserve rate cut next month following hawkish comments from a few central bank officials.
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Canadian Market Rebounds From Early Setback; Technology, Energy Stocks Rise
After opening with a big negative gap and dropping further down into the red Friday morning, the Canadian benchmark S&P/TSX Composite Index recovered gradually and was up modestly above the flat line a little past noon.
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Bay Street Likely To Open On Weak Note
Lower Canadian and U.S. futures and weak metal prices point to a negative open for stocks on Bay Street Friday morning. Energy stocks may find some support thanks to higher crude oil prices and help limit the downside.
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FTSE 100 Down Sharply As Bond Yields Climb Higher
UK stocks are falling on Friday with bond yields rising amid speculation Chancellor Rachel Reeves may backtrack on budget plans. The possibility of the Bank of England refraining from cutting interest rates due to fiscal concerns has raised concerns about fiscal and economic outlook.
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CAC 40 Sheds About 1.3% On Economic Concerns
French stocks are showing weakness on Friday, retreating from record highs hit in the previous session, as concerns about high tech valuations outweighed the positive news about the end of the longest government shutdown in United States history.
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