Daily briefing: Lira relief, Musk move, London ‘terror’ probe – Financial Times

FT subscribers can click here to receive FirstFT every day by email.

Turkey’s currency has found its footing after two days of intense selling that ricocheted across the currencies market. In early London dealings the lira rose 6 per cent, but is down a quarter this month. Other currencies that had faced ructions on Monday were also calmer.

Turkey is facing severe issues on several fronts, including US relations. Washington has been pressuring Ankara to release detained American pastor Andrew Brunson, and analysts say a resolution is a critical factor in stabilising the lira.

President Recep Tayyip Erdogan appeared to open another front on Tuesday, urging Turks to boycott Apple and other US technology companies in retaliation for US sanctions against his country.

The tragedy of the currency’s plunge is that it is self-inflicted, writes the FT’s editorial, as Turkish business feels the pain. (FT)

In the news

Latest Musk move The Tesla founder says he has lined up advisers to help take the electric carmaker private in the latest effort to signal that his desire for a deal is serious. Our comment editor Brooke Masters says a blog by Mr Musk is sure to attract scrutiny from regulators, while DealBook’s Andrew Ross Sorkin asks whether Twitter is the right forum for public company executives to disseminate market-moving information. (FT, NYT)

Police treat Westminster incident as terror related Police have arrested a man on suspicion of terrorist offences after a car crashed into security barriers outside the Houses of Parliament in central London on Tuesday morning. (FT)

Saudi guessing game Saudi Arabia’s oil production is arguably the most important number in the industry, determining whether the market will be under or oversupplied. The kingdom is keeping the world guessing on what is really happening with its production. Staying with energy news, the US natural gas futures market is the least volatile since the dawn of the market in the early 1990s. (FT)

China denies internment centre claims China has denied allegations from a UN committee that it is detaining millions of Muslim Uighur citizens in the western province of Xinjiang. (FT)

Bayer bewareShares in Bayer were hit as investors feared that the German pharmaceuticals and chemicals group could face a deluge of costly legal defeats linked to a weedkiller made by Monsanto, the US rival it acquired this year. (FT)

The day ahead

Manafort trial’s final act US prosecutors are expected to conclude their case this morning against Paul Manafort, Donald Trump’s former campaign chairman. The trial judge says the case could be finished as early as midweek. (Politico)

What we’re reading

A fast track to debt Two-thirds of the world’s high-speed rail tracks have been laid in China. However, the speedy service has come at a considerable cost, prompting warnings of a looming debt crisis. The final part in our series on China’s debt threat. (FT)

Russia’s most wanted “The whole world knows that Vladimir Putin hates me, Vladimir Putin wants to get his hands on me.” The New Yorker has profiled hedge fund manager Bill Browder, and why he is a central figure in the Trump-Russia drama. (New Yorker)

The real Omarosa scandal Bringing a recording device into the Situation Room is an open invitation to foreign hackers. And it speaks to a culture of carelessness in the Trump White House that helps America’s enemies. (Politico)

Soccer clubs become big draw for investors They were once famous for being notoriously poor investments, but the stock market has proved this received wisdom increasingly wrong. Meanwhile, Facebook has won the rights to screen La Liga matches across the Indian subcontinent in a deal that will allow hundreds of millions of south Asian users to watch for free top-tier Spanish matches. (FT)

YouTube: how vloggers became the new Oprahs Eight years ago Marcus Butler travelled to VidCon in Los Angeles as a “weird kid who liked YouTube”, and came back a wannabe entrepreneur after meeting vloggers who had bought houses with their earnings. He was 18. Now Marcus has become a role model for a new generation. (FT)

Fight for Justice A lawsuit filed in the name of an 8-year-old American horse called Justice, who had been left outside and underfed, is the latest bid in a quest to get courts to recognise animals as plaintiffs, something supporters say would be revolutionary. The suit seeks at least $100,000 for veterinary care and damages “for pain and suffering”. (WaPo)

Eye spy Google’s artificial intelligence is beating doctors at diagnosing eye disease. The algorithm had an error rate of 5.5 per cent— compared with between 6.7 per cent and 24.1 per cent for doctors. (FT)

Video of the day

The end of peaceful global co-operation Democracy and global capitalism are under threat and nativist sentiment is spreading, argues our columnist Martin Wolf. So who might provide the leadership needed to tackle global challenges? (FT)