Turkish Markets Steady on Trump Praise, Tough Central Bank Talk

Turkish financial markets steadied as US President Donald Trump endorsed his counterpart Recep Tayyip Erdogan and the central bank pledged to further tighten policy if needed.

The lira was little changed against the dollar on Wednesday as local stocks and bonds retreated after rebounding in past days. While markets have calmed following last week’s chaotic exodus of foreign capital, triggered by a crackdown on the opposition, investors remain concerned about the costs of Turkey’s all-out push to restore stability.