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Turkey Stocks Fall With Bonds on Task Force Meeting, S&P Outlook

Turkish stocks dropped with bonds while the lira weakened as a group to combat terrorism financing prepared to meet to review compliance by member countries and after Standard & Poor’s cut the nation’s credit outlook.

Yields on two-year notes advanced 12 basis points to 10.72 percent and the Borsa Istanbul main index of stocks dropped 0.9 percent. The currency declined as much as 0.8 percent, before trading 0.1 percent weaker at 2.2215 against the dollar as of 6 p.m. in Istanbul. S&P cut Turkey’s outlook to negative on Feb. 7, citing slowing growth, erosion of institutional checks and balances and risk of an economic hard landing.