MARKET UPDATE BY FORTUNE

Turkey’s lira is trading 1.2% higher, recovering some of Monday’s 3% loss, which was triggered by President Erdogan’s announcement that his son-in-law would become Treasury and Finance Minister.

In a further decree, Erdogan has now extended his control over his country’s central bank, giving himself exclusive power to name its governor.

Meanwhile, the British pound steadied as Theresa May battled to reassert control over her government.

Elsewhere:
– European stocks drifted higher
– U.S futures pointed to a firmer open
– Smartphone maker Xiaomi surged as much as 14% after a disappointing Hong Kong debut

More on markets here.

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