BEIJING: Most global stock markets steadied Tuesday as worries subsided over Turkey's currency crisis and its potential impact on other countries.
Germany's DAX rose 0.2% to 12,376 and France's CAC 40 was up less than 0.1% to 5,414 after economic growth figures for the eurozone were revised up.
London's FTSE 100 shed 0.2% to 7,628. On Wall Street, futures for the Standard & Poor's 500 index and Dow Jones industrial average were up 0.3%.
The Shanghai Composite Index lost 0.2% to 2,780.96 while Tokyo's Nikkei 225 added 2.3% to 22,356.08. Hong Kong's Hang Seng declined 0.7% to 27,752.93 and Seoul's Kospi advanced 0.5% to 2,258.91.
Sydney's S&P-ASX 200 advanced 0.8% to 6,299.60 and India's Sensex added 0.6% to 33,751.22. Benchmarks in Taiwan, New Zealand and Southeast Asia also advanced. The Stock Exchange of Thailand fell 10.61 points to 1,695.35 in trade worth 54.2 billion baht. SET50 retreated 6.30 to 1,122.32 while MAI slid 0.51 to 436.91.
The lira is down over 40% this year as investors question whether President Recep Tayyip Erdogan's government can cope with problems including a diplomatic spat with Washington that has resulted in higher US tariffs. Mr Erdogan has ruled out an interest rate hike, which can slow economic growth, but analysts say one is urgently needed to stabilise the currency.
Emerging markets had fallen Monday on concern that Turkey's turmoil could highlight similar problems in their economies. The Argentine peso and India's rupee hit a record low against the dollar. But those jitters eased somewhat later Tuesday.
Asian markets were "relatively more resilient'' to Turkey jitters than South Africa and Latin America were, said Philip Wee and Radikha Rao of DBS Group in a report. But they said the US tariff hike on Turkish steel at a time of "considerable stress'' tells emerging economies not to expect Washington's help to calm their markets. "Expect more stress if the Fed continues to look past the emerging market turmoil (like it did in May) and keeps to gradual rate hike path,'' they said.