10/08/18

World Markets Roiled As Turkey Currency Crisis Goes Global



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World Markets Roiled As Turkey Currency Crisis Goes Global
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For once it's not about trade wars... but the alternative is hardly better.

European stocks tumbled most in a month, following Asian shares lower following contagion fears that Turkey's economic problems will spill over into the euro zone and beyond. The Euro sank, while the safe haven dollar advanced alongside Treasuries, with the 10Y back under 2.90%. The Turkish Lira initially plunged and fell 45 big figures, with the USDTRY hitting a record high of 6.3005, or up more than 11%, before holding below 6.0 for the bulk of the session.

As described earlier the collapse started around midnight EDT when the FT reported that the ECB Single Supervisory Mechanism warned that BBVA, UniCredit and BNP Paribas are particularly exposed to a TRY selloff, and even though it "does not see situation as critical yet", it ....

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