Halifax America Introduction:
Turkey is in turmoil, with its currency having lost a quarter of its value against the US Dollar. And threats of further US sanctions have only escalated the situation, raising a real possibility of a Turkish recession and banking crisis. In response to these and other related developments, stock markets and some currencies across the globe are falling hard, including US indices. Here’s a brief summary of the general issues surrounding this event.
Original Source: Business Insider
A slew of unnerving headlines this week from the United Kingdom, Russia, and Turkey has culminated in a wild Friday for global markets.
Turkey is front and center of the chaos on Friday, with its currency plunging to a record low against the US dollar. A diplomatic tussle between the US and its NATO ally deepened Friday after President Donald Trump said he had authorized the doubling of tariffs on Turkish steel and aluminum.
The turmoil in Turkey raised fears over what it means for the eurozone, sparking a sell-off in bank stocks and other assets in the region.
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