Stocks Extend Declines As Turkey's Currency Crisis Rocks Markets [TheStreet.com]
Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
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Source: TheStreet.com
The Friday Market Minute Global stocks extend declines on Turkey contagion concerns as lira slumps to fresh all-time low. Asia shares fall to near one-year as investors dump risk and drive cash into the dollar and the yen. European stocks slip into the red as bank stocks decline; euro traded at fresh one-year low against the greenback. U.S dollar gains, 10-year Treasury yields fall to 2.85% as investors flee risky bets around the world. Wall Street futures point lower in thin trading, with active week for U.S. retail sector on tap. Market Snapshot Global stocks extended declines Monday as Turkey's economic crisis escalated, spilling over into the euro, hammering emerging market currencies around the world and driving investors into safe haven assets such as the yen and the U.S. dollar. Turkey's lira, which fell to 18% to a a record low on Friday, lurched lower again in overnight Asia trade following weekend comments from President Recep
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