Turkey“s leader refuses to back down in diplomatic row with America, but lira still rises by 8% Latest: Finance minister pledge to protect the liraTurkish president announces boycott of US goodsErdogan: We don“t need iPhones, we have VestelEarlier:Indian rupee hits record lowUS demands pastor“s release from Turkish house arrestIntroduction: Lira crisis weighs on the markets 6.09pm BST Time for a recap.Turkey“s government has come out fighting today against the market turmoil that sent its currency tumbling in recent days.`We will boycott US electronic products.`If they have iPhone, the other side has Samsung. In our country there is Venus, Vestel.` Related: Erdogan says Turkey will boycott US electronic products We will make all kinds of preparations, from A to Z....You will see that our lira will become stronger.` 5.30pm BST After a calmer day than Monday, European stock markets have closed for the night.Mining stocks are in the red after China revealed disappointing economic indicators overnight. Beijing confirmed that fixed asset investment grew by 5.5% - a record low. Industrial output held steady at 6% in July, but economists were expecting an increase of 6.3%. Retail sales rose by 8.8%, which was below the 9.1% forecast, and it was a slower rate compared with the 9% growth in June.The updates suggest that the Chinese economy is continuing to soften, and this prompted traders to dump mining stocks like Glencore, BHP Billiton and Rio Tinto. 5.02pm BST At some stage, the Turkish leadership must move on from simply promising to protect the lira, and actually take action.Trump“s unpopularity in Europe makes it highly unlikely EU leaders are going to rally behind his approach. If anything, senior EU officials point to the `commonalities` that the EU and Turkey now both face vis-ą-vis the US-on tariffs, threats and much besides-and suggest these might be used as a jumping off point for any discussion that follows: `We will tell the Turks we have sympathy for the ...
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