US Stocks Turn Lower as Banks, Energy Companies Slide

Stocks gave up an early gain and moved lower in midday trading Monday as banks, energy and industrial companies slid. Asian markets fell overnight, while European markets were slightly lower.

U.S. indexes are coming off their worst losses in a month as investors worried about financial upheaval in Turkey which has sent that country’s currency, the lira, plunging.

On Monday Turkey’s central bank announced measures to help that country’s banks manage their liquidity, but the Turkish lira and Turkey’s stock market continued to slide anyway.

The S&P 500 index lost 5 points, or 0.2 percent, to 2,827 as of 12:10 p.m. Eastern time. It fell 0.7 percent Friday. The Dow Jones Industrial Average slid 93 points, or 0.4 percent, to 25,219. The Nasdaq composite was unchanged at 7,839. The Russell 2000 index of smaller-company stocks sank 9 points, or 0.6 percent, to 1,676.

Global markets skidded Friday as investors worried that Turkey’s problems could cause trouble in other countries, but many analysts say that isn’t likely.

Source: apnews

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Europe markets close lower on Turkey concerns; banks fall

European stocks closed lower on Friday as investors reacted to corporate earnings, fresh turmoil in Turkey and the ongoing trade war between the U.S. and China.

The pan-European Stoxx 600 ended 1.07 percent lower at 385.860. Several sectors including banks and basic resources finished the week nearly 2 percent lower.

Negative trade came as the euro dropped sharply against the dollar, following reports that the European Central Bank (ECB) is concerned over the impact of a weak Turkish lira on European lenders.

The Financial Times said that France’s BNP Paribas, Italy’s UniCredit and Spain’s BBVA could be particularly impacted by the ongoing depreciation of the lira. Most banking stocks ended the session in the red.

Source: CNBC

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European Stocks Lower on Turkey Concerns; Banks Fall; Novozymes Down 5%

European stocks opened lower Friday morning as investors reacted to corporate earnings, fresh turmoil for Turkey and continued fears of a trade war between the U.S. and China.

The pan-European Stoxx 600 was down 0.4 percent at 387.92 in early deals with banks and basic resources showing the steepest falls. This came as the euro dropped sharply against the dollar, following reports that the European Central Bank (ECB) is concerned over the impact of a weak Turkish lira on European banks.

Source : CNBC

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