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Global stocks lower, U.S. dollar higher amid Turkish currency crisis

Published 08/13/2018, 05:38 AM
© Reuters.  Global stocks lower, U.S. dollar higher amid Turkish currency crisis
UK100
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DJI
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DE40
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JP225
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HK50
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DBKGn
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BBVA
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IVV
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SPY
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SPXL
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SPXS
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FXY
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SDS
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SSO
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UPRO
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UUP
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EIDO
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VOO
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IDX
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UDN
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EWP
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EZA
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RSP
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YCL
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YCS
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SH
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EPS
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SPUU
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HEWP
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SPXE
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USDU
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SPXT
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SPDN
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VFINX
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  • U.S. stock futures point to a lower open, following other global markets lower in reaction to Turkey’s economic turmoil and fears of possible contagion; S&P -0.3%, Dow -0.3%, Nasdaq -0.4%.
  • European bourses are following Friday's sharp losses with a somewhat milder dropoff, with Germany's DAX and the U.K.'s FTSE ~0.5% lower; in Asia, Japan's Nikkei closed down 2% and Hong Kong's Hang Seng slipped 1.5%.
  • “Turkey’s problems are quite idiosyncratic and should be relatively well-contained outside of the obvious short-term risk-off unless there’s a major investor retrenchment from EM generally,” according to Deutsche Bank (DE:DBKGn), referring to emerging markets, of which South Africa and Indonesia have been hit particularly hard overnight.
  • Contagion fears continue to weigh on European banks, including Spain's BBVA (MC:BBVA); Spanish banks lent $81B to banks headquartered in Turkey during Q1.
  • Investor demand for safer assets push the dollar to its highest in more than a year, according to the Wall Street Journal's Dollar Index, and the Japanese yen is up 0.6% against the dollar.
  • ETFs: SPY, VOO, SH, SDS, IVV, SSO, SPXU-OLD, UPRO, SPXL, RSP, SPXS, VFINX, EPS, SPLX, SPUU, SFLA, SPDN, SPXE, SPXT, UUP, FXY, YCS, UDN, USDU, JYN, YCL, EIDO IDX, EZA, EWP, HEWP, DBSP
  • Now read: 3 Arguments For A Stronger Dollar And 1 Against


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