Attempted coup in Turkey fails to rattle global investors

Investors appeared to be looking beyond Friday night's failed military coup in Turkey as stock markets were relatively calm on Monday — the first big trading opportunity since the weekend's dramatic events.

The biggest impact was felt in Turkey, where the Borsa Istanbul 100 Index dropped more than seven per cent, led by declines in shares of banks and Turkish Airlines. 

• Turkish warplanes patrol skies as country remains on edge after failed coup

Elsewhere, the effect was much more muted. Most European and Asian markets were trading near where they closed on Friday. 

While currency markets were initially jolted by the coup attempt, markets were considerably calmer on Monday. Even the Turkish lira, which fell seven per cent against the U.S. dollar in the immediate aftermath of the coup attempt, recouped some of those losses on Monday.  

"The market is looking at things with a half-full lens these days, and there's some basis for the market to take this in stride," said Matthew Peron, head of global equity at Northern Trust Asset Management.

North American stock markets were all higher as better Chinese economic data helped to calm jitters over Turkey's failed coup. Growth in China's economy held steady at 6.7 per cent in the second quarter of the year, compared to a year earlier, supported by better-than-expected factory output and retail sales. 

The S&P/TSX composite index rose 50 points to close at 14,533. Nine of the 10 main industry groups in the index ended higher. 

The Dow Jones industrial average gained 16.50 points to close at 18,533.05. That's a new record high. The broader S&P 500 index rose 5.15 points to close at a record high of 2,166.89. That's the fifth record close for the index in six trading sessions, led by gains in technology and financial shares.

Gold futures edged $1.90 US higher to $1,328.40 US an ounce. Oil futures fell 71 cents to settle at $45.24 US a barrel.

Despite the drop in oil, the Canadian dollar closed at 77.30 cents US Monday, unchanged from Friday.