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Turkish lira recovers in Asian trading after coup bid Stocks mixed despite ratings agency S&P lifting China outlook
(about 7 hours later)
Turkey's currency is rising against the US dollar in Asian trading after the government thwarted an apparent military coup over the weekend. Asia stocks closed mixed after Standard & Poor's raised its China growth forecast to 6.6% this year, up from the prior forecast of 6.35%.
The lira rose by as much as 2.2% in intraday trading as investors' fears about the political situation in Turkey eased. For 2017 the ratings agency expects the world's second-biggest economy to expand by 6.3%.
The currency tumbled by nearly 5% on Friday following news of the coup. Hong Kong's Hang Seng finished 0.7% higher at 21,803.18., while the Shanghai Composite closed 0.4% down at 21,803.18.
Meanwhile, Asian stocks are mostly higher on speculation that more central banks will announce stimulus measures. In Australia, the ASX/200 rose 0.5% to close at 5,458.50 points.
In Australia, the ASX/200 edged up 0.2% while South Korea's benchmark Kospi is trading flat. South Korea's benchmark Kospi finished 0.2% higher to 2,021.11 points.
The Hang Seng index in Hong Kong and the mainland Shanghai Composite are both higher.
Japan's markets are closed for a public holiday.Japan's markets are closed for a public holiday.
When they reopen tomorrow, investors will be closely watching shares of Softbank after it announced a more-than-£24bn purchase of one of the UK's biggest technology companies, ARM Holdings.
In the currency markets, the Turkish lira recovered some of its losses against the US dollar in Asian trading after the government thwarted an apparent military coup over the weekend.
The lira rose by just over 2% in intraday trading as investors' fears about the political situation in Turkey eased.
The currency had tumbled by nearly 5% on Friday following news of the coup.