Global markets were lower on Friday, with European markets falling sharply in a wave of global selling amid concerns about a deepening economic crisis in Turkey. The US dollar continues to rally versus the Kiwi and Aussie dollars on safe-haven buying.
Turkey’s currency, the lira, plunged 20% to record lows on Friday and European bank shares fell amid concerns about their exposure to Turkey. The drop in the lira heightened concerns related to Turkey's large holdings of foreign denominated debt (notably dollars and euros) which become harder to repay as the currency weakens. Turkey’s president remained defiant over the weekend, accusing foreign interests of waging an economic war against Turkey, pledging trade measures to reduce reliance on the dollar and US markets. US President Donald Trump upped pressure on Turkey by doubling tariffs on steel and aluminium imports from Turkey.
Stock on Focus: Fonterra (FSF:NZ / FSF:AX)
Fonterra Shareholders Fund units fe...
