Prime Minister Recep Tayyip Erdogan took a step toward making Turkey’s financial capital a regional hub, relegating the Istanbul Stock Exchange to history as he rang the opening bell at the new Borsa Istanbul.
Emerging-market stocks dropped for a second day and currencies weakened as commodities declined and investors weighed prospects for an end to Federal Reserve stimulus. India’s benchmark index slid to a two-week low.
Emerging-market stocks fell to a six- month low as investors weighed prospects that global policy makers will refrain from additional stimulus. Turkish shares extended a plunge from this year’s record to 19 percent.
The owners and managers of Mango Gida Sanayi & Ticaret AS, a Turkish food processor, sold more than a third of the company’s shares in the months before announcing creditor demands that sent the stock tumbling.
Emerging-market stocks fell to a six- week low as Turkey’s shares tumbled amid protests against the government and concern grew the global economy will falter. South Africa’s rand rebounded from the lowest level since 2009.
Emerging-market stocks declined, extending a weekly slump, and currencies fell as stronger-than- forecast U.S. jobs data boosted speculation the Federal Reserve will pare back monetary stimulus in the world’s biggest economy.
European Union leaders’ calls for banking union lack concrete proposals for funding a new joint financial-sector backstop, as showcased in the debate on whether the euro area’s firewall could provide direct aid to banks.