Futures rise as Turkish lira rebounds, tech stocks gain

“U.S. stock index futures inched higher on Tuesday as global markets bounced back from concerns of weakness in Turkish currency, with gains in technology stocks lifting sentiment,” Amy Caren Daniel reports for Reuters.

“After three weeks of losses, Turkey’s lira recovered as the country’s central bank moved to ease pressure on the currency, triggering a surge of as much as 7 percent to 6.4 per U.S. dollar,” Daniel reports. “Still the lira has shed more than two-fifths of its value so far in 2018, hitting U.S. and European stocks as investors fretted about banks’ exposure to Turkey.”

“Shares of the big six U.S. lenders were trading between flat and up 0.6 percent in early premarket trading on Tuesday,” Daniel reports. “Also helping the markets were gains in the so-called FAANG group: Facebook, Apple, Amazon, Netflix and Google-parent Alphabet. Nvidia jumped 1.4 percent after the rollout of its newest generation of chip technology. Intel was up 0.6 percent, Micron climbed 0.8 percent, AMD gained 1.2 percent.”

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16 Comments

  1. Last few days was a great time to buy Turkish Lira on the cheap and take a holiday in Turkey. That door has now closed. Another round of tweets by President Trump against turkey will make the Lira cheaper again.

  2. People of the free and civilized world, oh good a topic about Turkey, now we can learn a bunch of great things about Turkey, which has a lot of rich history assorted with it, a charter member of the UN, part of NATO and the EU but their recent achievement is standing up to the global bullies.

    They’ve taken some hits that’s for sure but they are still kicking.

    Now let’s turn it over to those who never have anything nice to say about any other country here at MDN, the citizens of Apple’s home nation.

          1. Yup, not to mention Gallipoli. That sure was an ugly nasty war that one. Too bad that there are situation like this, the Armenians during WW1, and the Jews in WW2, not to mention the modern day Iraqi genocide in progress.

            That aside, I’ve notice that you’ve pointed out that Turkey is not a terrorist (don’t worry about the typo, I’m not one to lose it over trivial mistakes like that) nation in your opinion, and that’s something nice about Turkey. not to mention that Snoop Dogg has pointed out that he’s found it a beautiful country. Now I’m not sure where alanaudio is from but hey to see people from Apple’s home country actually say something nice about another country is fantastic. I did not think it could be done, congratulations.

            To show my admiration for taking such a magnificent gesture starting tomorrow and until the end of the summer (that’s Friday Sept 21st 2018 for those of you who have the basic intelligence to read, and comprehend time stamps) I’m going to refer to Apple’s home nation by its actual name.

            Thanks again Snoop Dogg Tower Tone (and alanaudio) for saying something nice about another country. Another win for the good guys.

            GAIA GAIA GAIA GAIA!!!!

            1. Well that’s mighty white of you.

              Now, two things….
              My wife has visited Turkey a few times for vacation and loves it (she is Muslim and Circassian BTW, another people who suffered genocide)

              The only genocide that occurred recently in Iraq were at the hands of Saddam Hussein and ISIS.

              If you believe otherwise, then you either don’t understand the meaning of ‘genocide’ (Gallipoli was a battle in war, nasty and brutal but that’s why it is called war, but of course genocide CAN occur during war) or you have been misinformed about what has really happened in the Middle East.

              Of course some people also just change word meanings and realities to suit them. I hope this isn’t the case here.

            2. Well that’s mighty white of you.

              Now, two things….
              My wife has visited Turkey a few times for vacation and loves it (she is Muslim and Circassian BTW, another people who suffered genocide)

              The only genocide that occurred recently in Iraq were at the hands of Saddam Hussein and ISIS.

              If you believe otherwise, then you either don’t understand the meaning of ‘genocide’ (Gallipoli was a battle in war, nasty and brutal but that’s why it is called war, but of course genocide CAN occur during war) or you have been misinformed about what has really happened in the Middle East.

              Of course some people also just change word meanings and realities to suit them. I hope this isn’t the case here.

              As for thanking us for saying something nice about another country, sorry but that actually comes off a little insincere. I say nice things about other countries when called for and criticize America when needed, I just don’t do both constantly to make a point.

    1. My wife worked in Turkey for several years, so I have some background to say that Turkey’s major recent achievement is to transform itself from a secular democracy dominated by its well-educated urban population into a dictatorship “elected” by uneducated rural religious nationalists. The slide began when Greece blackballed Turkey from EU membership, prompting a turn away from the West and its values. Not a good example for other countries.

      1. Thanks for that TxUser, always great to have you offer your insight. I did read a bit more about Turkey’s attempt to join the EU, got pretty close but no cigar. Just goes to show what kind of leaders can get elected even in a democracy.

        I hear they make really great strong coffee there.

        1. Was that after you cluelessly lied in an earlier post writing Turkey was in the EU? Back pedaling to COVER your sorry mistake, got it. Well, the one person here that won’t call you out on it is USER. Which is why you went there in the first place. Love when self righteous Libtards have a love fest to cover their sorry mistakes ..,

    2. Standing up for a murderous country that holds Americans hostage is just peachy keen fine with you?!? Got it, HYPOCRITE …

      USA! 🇺🇸 USA! 🇺🇸 USA! 🇺🇸

  3. Here’s some anecdotes about Turkey.

    The first time I visited Turkey, I took a taxi for about five miles on a blistering hot day, to get to the next village. I couldn’t help noticing that sometimes the driver drove on the left, while other times on the right. Eventually I asked the driver whether they drive on the left or the right and he replied ” In Turkey, we drive in the shade”.

    That was maybe twenty five years ago and they were already experiencing hyper-inflation, prices were usually shown on a chalkboard and adjusted daily or hourly, but haggling was expected, especially if you could offer dollars of British Pounds. To buy something like bottle of sunscreen it was about ten million Lira. You got very adept at rapidly counting the zeros on notes which you offered or received in your change. I had a fanciful idea that it would be cool to get some low denomination notes so that at home we could play Monopoly with real money, but unfortunately there seemed to be no notes in circulation for less than about 10,000 TL.

    In 2005, they adjusted the Turkish Lira by making a million TL equal one New Turkish Lira, but they’re now just known as Turkish Lira again.

    1. Thanks for sharing that alanaudio, I love the part of driving in the shade, classic.
      I’ve never been overly impressed with the country but how they are standing up to the bully is sure getting my attention.

    2. I have been to Marmaris and Istanbul Turkey in 2009 and 2011. It is a beautiful country and heck of a lot better and modern then poverty spec India, which i have not been too but know people who have and were not impressed with it. The day long boat cruises and Jeep Safari’s in Turkey is highly recommended. Also in Marmaris and Istanbul the road conditions were much better then in London

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