Erdogan Set to Send Turkey to Election on Nov. 1 as Markets Drop

President Recep Tayyip Erdogan is gearing up to declare a repeat election in Turkey after a 45-day period to form a coalition government did little but deepen political divisions and send markets into a tailspin.

Erdogan could call for a new vote immediately after the legal deadline passes at midnight on Sunday. Turkey’s interim Prime Minister Ahmet Davutoglu, who failed to agree on coalition terms with any of three opposition parties, called on parliament Thursday to announce plans for a second election before Erdogan acts.