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Asian markets rally on hopes of US-China talks, Turkey rate hike
Signs of movement in the US-China trade stand-off and a bumper interest rate hike in emerging market (EM) trouble spot Turkey sent global shares higher on Thursday, as risk appetite returned. The bank ignored a fresh bashing from President Tayyip Erdogan and hiked interest rates by 625 basis points to 24 per cent. There have been a lot of obvious headwinds to risk appetite over the summer, said Michael Metcalfe, head at State Street Global Markets.
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