APAC stock markets trading near 3-month highs; Turkey cut interest rates and sent Turkish Lira to all-time low

Before the US non-farm payroll data coming in, investors are weighing inflation concerns. Stock markets in Asia are trading near a 3-month high on Thursday, with China as an exception. Japan’s Nikkei added 0.4% and Australian shares topped a new high as investors cheered economic rebound. Moreover, oil prices also reached their 1.5-year high as producers decided to restore the oil supply only gradually.

In Turkey, interest rates once again created shocks across the market. Turkish President Recep Tayyip Erdogan has demanded an interest rate cut, which has sent the Turkish Lira to a new all-time low. TRY weakened as much as 3% after the announcement. Earlier this year, TRY has already plunged 14% against USD as investors were shocked by the decision to lower the interest rate. This time, the market reacted much more calmly, as most traders have been expecting the move beforehand. Stocks were muted as well, with the BIST 100 Index sliding just 0.3%