Home >market >stock-market-news >Global Markets Wrap: Stocks rebound as Turkey calms, dollar declines

Sydney/London: European stocks advanced, tracking gains for most Asian equities as global markets steadied in the wake of Monday’s Turkey-induced turmoil. The dollar slipped from its highest in 14 months and Treasuries edged lower.

The Stoxx Europe 600 Index rallied with banks among the top performers, while the euro edged higher and the region’s peripheral debt rebounded as a degree of calm returned to Turkish markets. The lira rose, and the country’s benchmark equity index climbed even as a diplomatic stand off between Turkey and the US dragged on.

In Asia, Japan’s equities outperformed as the yen pared some of Monday’s rise. Shares in Shanghai and Hong Kong traded lower as data showed China’s economy hit a mid-year rough patch, though the offshore yuan strengthened. In a sign that investors are still trying to work through the implications of Turkey’s meltdown, the Indian rupee hit the 70-per dollar mark, a record low.

The economic troubles in Turkey have gripped global financial markets, with investors scrambling to determine whether and how far the pain may spread. President Donald Trump’s top national security aide warned Turkey’s ambassador on Monday that the US has nothing further to negotiate until a detained American pastor is freed, according to people familiar, signalling the spat between the countries will continue.

Elsewhere, oil pared recent losses. Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s sell-off in cryptocurrencies showed few signs of letting up.

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