Economics
Traders Brush Off Turkey Sanctions, But Warn Worse Could Come
- Lira jumps, stocks head for biggest gain in three weeks
- U.S. sanctions were not as harsh as some traders feared
This article is for subscribers only.
Investors in Turkish markets brushed off the latest round of U.S. sanctions, though some warned that harsher penalties could still come in retaliation to Ankara’s military incursion into Syria.
The lira briefly strengthened more than 1% against the dollar on Monday and the benchmark stock index was poised for its biggest advance in more than two weeks. The rally comes after Washington sanctioned three senior Turkish officials and increased steel tariffs, putting an end to a week-long sell-off as traders braced for the American response.