Turkey Ousts Key Opposition Officials, Spurring Market Rout

A Turkish court ordered the removal of the main opposition CHP’s Istanbul administration on Tuesday, in a ruling likely to disrupt the party as it tries to mount a challenge to President Recep Tayyip Erdogan.

The news caused local markets to slump across the board, in a move reminiscent of a March rout following the arrest of Erdogan’s strongest rival, Istanbul Mayor Ekrem Imamoglu from the Republican People’s Party, or the CHP. The benchmark BIST-100 closed down 3.6% after falling as much as 5.9%, while government bond yields soared.