1. Crisis in Turkey: The Turkish lira plunged as much as 11% to a record low against the dollar before recovering some losses in volatile trading. The currency had already plummeted more than 20% last week as a political clash with the United States intensified and authorities in Turkey failed to take steps to reassure investors.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -95.00 | | -31.25 | | -9.50 | | -0.38% | | -0.42% | | -0.33% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -440.65 | | -9.44 | | -42.46 | | 21,857.43 | | 2,785.87 | | 7,624.55 | | -1.98% | | -0.34% | | -0.55% | | | |
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| | | Biggest Winners | | Nielsen Holdings PLC | +9.24% | | | | Campbell Soup Co | +2.56% | | | | Mylan NV | +0.91% | | | | Oracle Corp | +0.79% | | | Biggest Losers | | DowDuPont Inc | -1.79% | | | | Wells Fargo & Co | -1.31% | | | | Akamai Technologies Inc | -1.13% | | | | Bank of America Corp | -0.96% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Crisis in Turkey; Global fallout; Bayer pain | | By Charles Riley | | | | 1. Crisis in Turkey: The Turkish lira plunged as much as 11% to a record low against the dollar before recovering some losses in volatile trading. | | | | The currency had already plummeted more than 20% last week as a political clash with the United States intensified and authorities in Turkey failed to take steps to reassure investors. | | | | Turkish President Recep Tayyip Erdogan has dismissed calls for the country to raise interest rates to try to ease the crisis — and has lashed out at the United States. | | | | "We will not give in," Erdogan said in a speech Sunday. "If you come at us with your dollars then we will find other ways to do business." | | | | The lira was trading down nearly 6% at 4:30 a.m. ET. | | | | 2. Global fallout: European stock markets opened with losses of less than 1% on Monday. Stocks fell 2% in Tokyo and 1.5 % in Hong Kong. | | | | There were some signs that the crisis in Turkey was beginning to spread to other markets. | | | | Currencies were hit in South Africa, Mexico, Argentina and Russia as investors moved into assets perceived to be less risky, such as the dollar, yen and Swiss franc. | | | | Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now! | | | | Investors will keep a close watch on European banks. Data from the Bank for International Settlements show eurozone banks have loans worth over $150 billion in Turkey. | | | | Italy's UniCredit shed 2%, and Spanish lender BBVA dropped nearly 3%. France's BNP Paribas was off by 0.8% and Deutsche Bank fell 1.6%. | | | | US stock futures were lower. On Friday, the Dow dropped 0.8% as investors reacted to the crisis in Turkey, while the S&P 500 and Nasdaq shed 0.7%. | | | | 3. Bayer pain: Shares in Bayer dropped 11% in Frankfurt after a US jury awarded $289 million in damages to a former school groundskeeper, ruling that his cancer was caused by popular weedkiller Roundup. | | | | Roundup is made by Monsanto, the agricultural company that Bayer bought earlier this year. | | | | Dewayne Johnson's legal victory could set a massive precedent for thousands of other cases claiming the herbicide causes non-Hodgkin's lymphoma. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now | | | | 5. Earnings and economics: Sysco will earnings before the open Monday. | | | | Equifax is holding an investor meeting on Monday. The company is still reeling from a massive security hack that exposed the private information, like tax IDs and driver's license details, of 145.5 million customers. | | | | | | | |
| | | | | | Monday — Equifax investor meeting
Tuesday — Home Depot earnings
Wednesday — Macy's, Cisco and Tencent earnings
Thursday — JCPenney, Nordstrom, Walmart and Nvidia earnings
Friday — Deere earnings, consumer sentiment | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $67.61 | -0.02 / -0.03% | | | Gold | $1,209.00 | -10.00 / -0.82% | | | 10-yr | 2.86% | -0.08 / -2.66% | | | Euro | $1.14 | -0.00 / -0.09% | | | |
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