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"The latest Turkish activity data suggest that the plunge in the lira since May, and the associated sharp tightening of financial conditions, has tipped the economy into recession," Capital Economics' Jason Tuvey wrote on Wednesday.
"There is a heightened risk of a downside funding scenario, where a deterioration in investor sentiment limits access to market funding," Moody's said, noting that "Turkish banks are highly reliant on foreign currency funding."
Turkey’s economic crisis has gone off the radar — but there’s a huge chance it could get a whole lot worse
After the collapse of the lira, HSBC's Melis Metiner is now warning of another thread to the country's fragile economy.
The Turkish lira is falling again — but stock market investors are returning to Turkey at their fastest rate in half a decade
UBS said Turkish stock markets saw their strongest inflows since January 2013 in the week to August 15 as investors "buy the dip."
NATO's largest standing army in Europe is now cosying up to Iran and indebted to Qatar. Russia and China could be waiting in the wings to get closer to Turkey too if the US continues its tariffs.
"We have more that we’re planning to do if they don’t release him quickly," US Treasury Secretary Steven Mnuchin told a cabinet meeting, without elaborating on what would be involved.
Turkey’s turmoil blew a $19 million hole in one trader’s account — here are the winners and losers from the crisis
Over the last week or so, markets have been gripped by the developing crisis in Turkey, which has seen the country's currency plummet, contagion spread to other emerging markets, and a war of words develop between President Erdogan and President Trump.
Metals in particular are suffering as a higher dollar caused by the EM currency sell-off pushes commodity prices sharply lower.
The lira surged 7% after Turkey hit back at US ‘attacks’ by slapping American cars, alcohol, and tobacco with huge tariffs
American automobiles will now be subject to a tariff of 120%, while alcohol will have a 140% tariff rate. The levy on leaf tobacco is at 60%.
The reason Turkey’s economic collapse is so scary is that Iran, Russia, and Syria are waiting in the wings
Turkey's president has warned that if things go badly for his country, he will have to pivot away from the US and seek "new friends" — a coded reference to Iran, Syria, and Russia — Turkey's troublesome neighbors.