• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Investing

Turkish lira and stocks tumble amid global tech woes and political uncertainty

by July 24, 2024
written by July 24, 2024

Global markets faced turbulence on Wednesday, with Turkish assets experiencing significant declines amid a backdrop of international economic concerns. 

The Turkish lira dropped to 32.82 against the US dollar, while the BIST 100 index, Turkey’s primary stock benchmark, fell by 0.74%. 

These movements reflect growing instability in emerging markets, exacerbated by ongoing domestic political developments and global economic uncertainties.

Turkish markets under pressure

The Turkish lira and stocks are grappling with a whirlwind of political and economic factors. 

President Recep Tayyip Erdogan’s imminent address to his ruling AK Party is raising speculation about possible shifts in economic or political strategy. 

Simultaneously, the opposition Good Party is holding its own meetings, highlighting the deepening political polarization in Turkey.

Additionally, the Turkish parliament is set to debate new tax legislation, further adding to the volatile environment. The benchmark BIST 100 index has declined by 2.0% this week, reflecting investor anxiety over Turkey’s economic direction. 

Investors are keenly watching how Erdogan’s economic policies will address the lira’s ongoing weakness, particularly given the criticism that his approach prioritizes growth over inflation control.

Global tech earnings impact

Compounding the market unrest, disappointing earnings reports from major U.S. tech companies have reverberated across global markets. 

Alphabet Inc. (NASDAQ: GOOGL) and Tesla Inc. (NASDAQ: TSLA) both fell short of earnings expectations, leading to concerns about the broader tech sector’s growth prospects.

Tesla, the electric vehicle leader, reported earnings below estimates for the second quarter, raising doubts about its future growth and the health of the electric vehicle market. 

Google, meanwhile, underperformed in YouTube ad revenue, casting a shadow on the tech sector’s resilience amidst economic challenges.

Japan’s monetary policy speculation

In contrast, the Japanese yen reached a seven-week high against major currencies on Wednesday, driven by anticipation of a potential interest rate hike by the Bank of Japan (BoJ). 

Japan has long maintained ultra-low interest rates, diverging from the tightening cycles seen in other major economies. 

A shift towards a more hawkish monetary policy could have significant implications for global capital flows and currency markets.

The yen’s appreciation signals expectations of a potential policy shift, which could impact global carry trades and overall liquidity in the financial system.

Looking ahead: Market expectations

As Turkish markets navigate their political and economic challenges, global investors are watching for further developments. 

The performance of the tech sector will be closely monitored for signs of broader market impacts, while potential policy changes from the BoJ could lead to significant shifts in currency markets and investment flows.

In this period of heightened uncertainty, diversification and prudent risk management are crucial for investors. The coming weeks will be pivotal in shaping market sentiment and assessing the global economic recovery’s resilience.

As geopolitical and economic factors continue to evolve, staying informed and strategically positioned will be key for navigating the complexities of today’s financial landscape.

The post Turkish lira and stocks tumble amid global tech woes and political uncertainty appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
US emissions reductions off track for 2030 targets under Paris accord
next post
Apple COO engages with Chinese officials amid US-China tensions and geopolitical strains ahead of iPhone 16 launch

related articles

Asian markets open: Nikkei, Hang Seng fall on...

June 12, 2025

Aluminum and steel tariffs spark rise in secondary...

June 12, 2025

Airbus sees aviation boom ahead, global fleet to...

June 12, 2025

US-China trade talks and Washington’s decade-long effort to...

June 12, 2025

Europe markets open: Stoxx 600 dips as UK...

June 12, 2025

UK GDP falls by 0.3% in April as...

June 12, 2025

Gordon Brothers buys Poundland; pledges £80 mn for...

June 12, 2025

Air India plane crash: London-bound flight with 242...

June 12, 2025

Air India plane crash live update: Indian President...

June 12, 2025

Copper remains supported for now even as China...

June 12, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • EURAUD and EURNZD: EURAUD on the positive side today

    July 12, 2024
  • Inflation in China: Impacts and Expectations

    July 10, 2024
  • Walmart is opening five automated distribution centers as it tries to keep its grocery dominance

    July 11, 2024
  • Justice Department backs UN claim relief workers accused of aiding Hamas are immune

    September 25, 2024
  • AUDUSD and AUDNZD: AUDUSD under pressure at new low

    July 22, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,506)
  • Investing (634)
  • Stock (941)

Latest Posts

  • USAID’s green energy programs have maximized harm to the developing world, according to former official

    February 13, 2025
  • Zelenskyy agrees to tentative Trump minerals deal, plans to visit DC later this week: report

    February 25, 2025
  • Trump’s new American doctrine means peace through strength has returned

    June 30, 2025

Recent Posts

  • Heightened ‘significance and importance’ as Vance, Walz face off in VP debate

    October 1, 2024
  • Trump’s ‘big, beautiful bill’ heads to House-wide vote after key committee victory

    May 22, 2025
  • Trump White House demands apology after Jeffries calls for Dems to fight president’s agenda ‘in the streets’

    January 31, 2025

Editor’s Pick

  • Harris campaign plagued by surrogates’ gaffes: ‘Colossally inept campaign’

    October 23, 2024
  • Amazon and Nvidia say AI data center demand is not slowing down

    April 24, 2025
  • USAID activists say stopping ‘corporate welfare’ outweighs ending funds to terror-linked groups

    February 5, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock