Page 5 - Jon Harrison News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The lira hit a fresh record low of 24.2 to the dollar, after Turkey's central bank hiked its key interest rate by 650 basis points to 15% in a reversal of President Tayyip Erdogan's low-rates policy. The bank also said monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved.

* Turkey central bank hikes rates to 15% from 8.5% * Turkish lira hits record low against the dollar * Polish retail sales down * Stocks down 0.2%, FX f...

* Weak China data fuels stimulus hopes * Turkey's lira falls sharply to new record low * Hungary's industrial output drops * EM FX muted, stocks up 0.6% ... | 05:03am

Banking stocks and sovereign dollar bonds slide for a second day and the cost of insuring exposure to Turkish debt rises further after President Tayyip Erdogan defied expectations in the presidential race

Most emerging market currencies on Friday were set for losses at the end of a rollercoaster week that saw the dollar being lifted by optimism over a U.S. debt ceiling deal, while Turkey's lira hovered close to an all-time low seen in the previous session.