Efforts to rally support and bolster domestic markets include a call Thursday between Turkish Finance Minister Berat Albayrak and international investors. Erdogan also spoke with French President Emmanuel Macron, a day after talks with German Chancellor Angela Merkel and a $15 billion pledge of support from Qatar.
"The bigger issue for markets is this constant politicisation of economic and financial issues," said Mohieddine Kronfol, the Dubai-based chief investment officer for global sukuk, Middle East and North Africa fixed income at Franklin Templeton Investments.
Erdogan’s overtures to Europe suggest he’s prepared to mend ties strained by past diplomatic clashes -- he accused Merkel’s government of engaging in "Nazi practices" last year -- in an attempt to weather the U.S. pressure. The pledge by Qatar, on the other hand, rewards the president for standing by the gas-rich Gulf country against a Saudi-led boycott backed by U.S. President Donald Trump.