The Turkish lira was set for its sixth straight weekly loss on Friday, while Hong Kong stocks rose as investors found comfort in signs of improving Sino-US relations and expectations that Beijing will implement further measures to revive growth. Technology stocks led the Hong Kong’s Hang Seng index higher after better-than-expected earnings from heavyweights Alibaba Group and Baidu. China’s blue-chip CSI300 index rose 0.
“The lira has been in a tailspin for some time now. They had a rate announcement yesterday and they did nothing despite inflation being at 70%,” added Maggio. “The country is, from a macro financial point of view, very imbalanced at the moment and the lira reflects that.” In central Europe, the Hungarian forint edged up 0.1%, but was set to end the week lower.
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