The turmoil in financial markets continued on Monday. The MSCI Emerging Markets Index fell 1.9 percent, the biggest decline since July.
Among developed stock markets, Japan was the worst hit on Monday, the Nikkei 225 plunging 2.5 percent. The S&P 500 fell 0.5 percent while the STOXX Europe 600 fell 0.8 percent.
Some signs of stabilisation did emerge on Monday though.
Turkey’s lira rose 2.3 percent after the Turkish central bank said it would “take the necessary policy measures” to stabilise prices. The yen, which had been serving as a safe haven recently, fell 0.2 percent against the US dollar, its first decline in three days.
US Treasuries also fell for the first time in three days, the yield rising three basis points to 2.75 percent.
Economic data on Monday were mixed.
In the US, new home sales fell 7.0 percent in December. The lower sales were attributed to cold weather.
However, in Germany, the Ifo business climate index rose to 110.6 in January from 109.5 in December.
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