Markets fall as Turkish lira tumbles

Markets fell on Friday.

The S&P 500 fell 0.7 percent, the STOXX Europe 600 fell 1.1 percent and the Nikkei 225 tumbled 1.3 percent.

Markets fell amid concerns that the decline in the Turkish lira is accelerating.

“Turkey’s currency volatility has recently accelerated and now gotten to the point where it’s beginning to impact global markets as investors worry about European banking exposure,” said Alec Young, managing director of global markets research at FTSE Russell.

Compounding Turkey’s woes, US President Donald Trump announced a doubling of US tariffs on certain Turkish goods on the back of the lira’s decline.

Also roiled by US action was Russia, whose currency and blue-chip stocks tumbled in the wake of US sanctions.