TRY takes a huge L after Erdogan puts foot in mouth: The Turkish currency is plummeting after the country’s president-cum-grade school economist doubled down on his demands to loosen policy, despite rising rates abroad and local inflation running at almost 20%. The TRY crashed as much as 15% to a record low of 13.453 against the greenback yesterday after President Recep Tayyip Erdogan again weighed in on monetary policy and defended his government’s decision to drive down borrowing costs irrespective of the economic indicators. The currency has now lost a third of its value this month alone, and its 11th straight day of losses is its longest losing streak in two decades. Bloomberg has more.

Binance is seeking investment from sovereign wealth funds, CEO Changpeng Zhao told the Financial Times. The world’s largest cryptocurrency exchange is seeking to improve its “perception and relationships” with governments after facing mounting pressure from regulators across the world, Zhao said, without naming any specific funds. Binance’s US entity will be closing pre-IPO funding of “a couple hundred mn” in the next one to two months, the crypotopreneur said last week. Binance is also on the hunt for a new global headquarters in cities including Singapore and Dubai. Crypto exchanges have seen their valuations soar lately, with Binance recording daily transaction volumes of USD 170 bn, according to Zhao.

THE CLOSING BELL-

The EGX30 rose less than 0.1% yesterday on turnover of EGP 968 mn (33.6% below the 90-day average). Foreign investors were net sellers. The index is up 4.8% YTD.

In the green: Palm Hills Development (+5.2%), Raya Holding (+3.7%) and Pioneers Properties (+2.6%).

In the red: Abou Kir Fertilizers (-1.1%), Eastern Company (-0.8%) and CIB (-0.6%).

Most Asian markets are slightly in the red this morning as investors await the meeting minutes from this month’s Fed policy meeting, as well as fresh US jobless data and GDP figures. Futures suggest that European and US shares will open lower later today.