The Turkish lira, bonds and shares gained on Monday after the opposition dealt a...
ISTANBUL - The Turkish lira, bonds and shares gained on Monday after the opposition dealt a stinging blow to President Tayyip Erdogan by winning control of Istanbul in a re-run mayoral election on Sunday.
One banker said the outcome had removed a source of political uncertainty and markets were hoping the government would now shift its attention to the economic reforms that Turkey needs. The lira gained to 5.72 overnight after the election outcome emerged, rallying from a close of 5.8140 on Friday. The currency stood at 5.7270 at 0743 GMT.
Erdogan and President Donald Trump are set to meet at a G20 summit in the Japanese city of Osaka on June 29-30, in part to discuss the S-400s and the threat of U.S. sanctions. Investors have held out hope the leaders can find a solution.
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