Global Stocks Rattled As Turkish Rout Spreads

Monday,   13-Aug-2018   04:10 PM (IST)

Away from currencies, global stocks slipped to a one-month low, as a renewed rout in the Turkish lira weighed on appetite for riskier assets and drove demand for safe harbors.Asian markets slid, with all sectors recording steep drops, as the fallout from Friday’s plunge in Turkish asset prices made its way across the Pacific.Japan's Nikkei ended down around 2% to lead declines in the region, with the yen up as much as 0.5% against other major currencies.Several emerging markets were also dragged lower amid the jitters, with stocks in Indonesia and the Philippines faring the worst, down some 3.6% and 2.2% respectively.The gloomy mood carried over to Europe, where banks dragged the region's major bourses to a three-week low, as a growing economic crisis in Turkey shook investor confidence in lenders exposed to the country.On Wall Street, U.S. stock futures looked set to kick off the week on the backfoot, with the major indices on track to open with losses.The blue-chip Dow futures were down 85 points,the S&P 500 futures shed 9 points, or around 0.3%, while the tech-heavy Nasdaq 100 futures indicated a loss of 27 points, or roughly 0.4%.