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Data: Investing.com; Chart: Axios Visuals

Investors are again getting bullish on emerging markets, as the Fed is expected to cut interest rates and the dollar is expected to fall in value. That should mean a strong environment for EM economies to perform.

Yes, but: Things have gotten tougher for many of the world's largest emerging countries, especially Turkey, which finds itself at a major crossroads following elections in Istanbul.

Driving the news: The lira saw the biggest gains in the global FX market, rising nearly 2% against the dollar Sunday after the city's mayoral election was again won by a candidate running against Turkish President Recep Tayyip Erdogan's party. (The same candidate won in March, but Erdogan ordered a mulligan, claiming fraud.)

  • However, much of the luster wore off Turkey's currency in trading Monday, and the lira shed most gains.
  • It was "a classic relief rally, but its durability is questionable at this stage," Piotr Matys, a strategist at Rabobank in London, told Bloomberg. "Apart from fixing the economy, the Erdogan administration must find a solution to the diplomatic conflict with the U.S. over the Russian S-400 defense system to avoid sanctions."

Background: It's been exactly one year since Erdogan won re-election and his handling of the economy, central bank and foreign policy have put investors on edge.

  • Analysts expect the central bank, led by Erdogan loyalists, will soon cut interest rates, after inflation fell below 20% in May.
  • There is also growing fear about a confrontation between Erdogan and President Trump at the G20 summit this week after Turkey purchased a missile defense system from Russia.
  • Turkey's stock market is at its lowest level in nearly a decade in dollar terms, largely because the lira has lost about a quarter of its value since 2017.

Go deeper: Emerging markets are hot again after a rocky 2018

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.