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Turkey’s Meltdown Ripples Across Emerging Markets: Inside EM

  • Lira tumbles most since 2001 as Erdogan grapples to stem rout
  • Trump’s lawyer suggests resolution may be near on pastor
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The massive selloff in Turkish markets reverberated across the globe, spurring a flight to haven assets.

The lira tumbled the most since 2001 after President Recep Tayyip Erdogan failed to reassure investors that the country’s economic issues won’t spread, while Donald Trump said he authorized doubling some metals tariffs on its NATO ally. The currency briefly pared losses after Trump’s lawyer said the White House is close to a resolution on the case of American pastor Andrew Brunson -- who’s been jailed in Turkey for about two years. The plunge in the nation’s assets weighed heavily on emerging markets as stocks wiped out their weekly rally, and every currency retreated.