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She added that it was too early to comment on the exposure of German companies to the economic situation in Turkey. Germany’s VDMA engineering association said that machinery exports to Turkey had fallen nearly 5 percent from January to May compared with the first five months in the previous year. “The negative development is likely to continue in the coming months since the Turkish lira has fallen sharply against the euro,” VDMA said, pointing to U.S. President Donald Trump’s decision to impose new sanctions and higher tariffs on Turkey.
ISTANBUL (Reuters) - Visitors to Turkey flocked to its high-end shops to snap up bargains on Monday, their purchasing power buoyed by a currency crisis as the country’s lira sank to a record low beyond 7 per dollar, Barely moving lines of mainly Arab tourists snaked outside the Chanel and Louis Vuitton typewriter "a" key cufflinks stores in Nisantasi, an upscale Istanbul neighborhood, waiting to reap the benefits of a meltdown that saw the currency lose 18 percent on Friday alone, “We’re buying clothes, we’re buying makeup, we’re buying brand names,” said Fatima Ali from Kuwait, visiting the city with her two daughters, “The prices are very cheap.”..
Like many of her fellow shoppers, Ali brought her suitcases along to fill up. She stood outside a makeup store holding three. The lira has lost more than 40 percent against the dollar this year, amid worries about President Tayyip Erdogan’s influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States. Erdogan has also urged Turks to extend their hospitality to tourists, who were bringing dollars into the country at a critical time. “You are already very hospitable but keep that up and extend it. Because at a time when some people are taking out dollars, they are bringing it to you,” he told a crowd of supporters at the weekend.
Portraying the lira weakness a plot, Erdogan has repeatedly called on Turks to sell their dollars to shore the local currency up, An employee at an upscale clothing store who declined to give his name said the amount of shoppers was unusual typewriter "a" key cufflinks even in high season, attributing it to the lira’s fall, One Egyptian shopper estimated he had saved about $1,000 in comparison to buying the same gifts and clothes at home, “We hope that the currency, for Turkey’s sake, becomes better,” said another, Khalid al-Fahad from Kuwait..
(Reuters) - U.S. bank shares fell for a third straight session on Monday as investor appetite for risk weakened on worries that a currency crisis in Turkey would spread to other countries. The Turkish lira has tumbled on concerns about President Tayyip Erdogan's increasing control over the economy and deteriorating U.S. relations, falling as much as 12 percent at one stage on Monday TRY=. The S&P 500 Financial sector index was the biggest drag on the benchmark index .SPX with big banks among the leading losers. The S&P bank index .SPXBK fell 0.9 percent on Monday and was on track for an almost 3 percent drop over three sessions.
The U.S, banks with the biggest disclosed Turkey exposure in the second or first quarters were Goldman Sachs (GS.N), down 1 percent, Bank of New York Mellon (BK.N), down 1.4 percent and Bank of America (BAC.N), down 1.9 percent, typewriter "a" key cufflinks While U.S, banks seemed to have limited direct exposure, investors worried Turkey’s problems could expand overseas, “I don’t think Turkey in and of itself is a big concern for U.S, banks, Exposure tends to be low, The concern becomes if there’s contagion and it spreads to other emerging markets and other parts of the world,” said Jeffery Harte, an analyst covering banks at Sandler O’Neill..
“Does it derail some of the strength we’ve seen in capital markets, in mergers and acquisitions, in equity underwriting especially outside of the U.S?” he asked. “I don’t think that’ll be the case but that’s what I’m watching.”. In research Keefe, Bruyette & Woods listed Goldman as the most exposed to Turkey with total credit exposure of $2.53 billion or 3.5 pct of tangible common equity (TCE) in June, mostly with non-sovereign counterparties and borrowers.
Goldman Sachs shares have fallen in the last four sessions, with a 1.8 percent drop on Friday, Bank of New York Mellon (BK.N), a provider of treasury, issuer and foreign exchange services to Turkey’s top typewriter "a" key cufflinks 10 financial institutions, had $634 million exposure on June 30, down from $707 million on Dec, 31, That represents about 3.3 percent of that bank’s tangible common equity, KBW said, While Bank of America no longer listed Turkey among the top 20 countries where it has exposure outside of the United States, it was the first to disclose exposure in the first quarter according to KBW..