Crisis in Turkey; Global fallout; Bayer pain

1. Crisis in Turkey: The Turkish lira ...

Posted: Aug 13, 2018 1:03 PM
Updated: Aug 13, 2018 1:03 PM

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.

Related: Turkey's currency crisis rages on as lira sinks again

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.

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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%.

Related: How a currency meltdown in Turkey threatens Europe

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.

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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.

5. Coming this week:
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

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 331863

Reported Deaths: 7494
CountyCasesDeaths
DeSoto22855279
Hinds22625437
Harrison19462326
Rankin14765286
Jackson14233251
Madison10658227
Lee10398178
Jones8713169
Forrest8164157
Lauderdale7528243
Lowndes6761150
Lamar665988
Lafayette6446124
Washington5497139
Bolivar4907134
Pearl River4889149
Oktibbeha476898
Panola4719112
Marshall4648106
Warren4612125
Pontotoc438873
Monroe4243137
Union424379
Neshoba4179180
Lincoln4088115
Hancock402788
Leflore3562125
Pike3511111
Tate348988
Alcorn343174
Sunflower342293
Adams331987
Yazoo330573
Scott330175
Simpson313690
Copiah311467
Itawamba309580
Coahoma308285
Tippah298368
Prentiss292563
Covington280183
Marion278980
Leake277975
Wayne269942
Grenada265688
George259851
Newton256064
Tishomingo235769
Winston235084
Jasper225748
Attala220373
Chickasaw215960
Stone209137
Holmes194974
Clay191554
Tallahatchie181542
Clarke181480
Calhoun177332
Smith175334
Yalobusha169240
Walthall140448
Lawrence137026
Greene134934
Amite131843
Noxubee131135
Perry130838
Montgomery130644
Carroll124531
Webster116732
Jefferson Davis112934
Tunica110827
Benton104425
Claiborne104231
Kemper100329
Humphreys99033
Franklin85923
Quitman83519
Choctaw80919
Wilkinson73232
Jefferson69028
Sharkey51518
Issaquena1696
Unassigned00

Alabama Coronavirus Cases

Cases: 565510

Reported Deaths: 11468
CountyCasesDeaths
Jefferson828061584
Mobile44938853
Madison36534532
Tuscaloosa26589465
Shelby26409255
Montgomery25598623
Baldwin23319324
Lee16691179
Calhoun15030332
Morgan14877288
Etowah14563368
Marshall12723235
Houston11302292
Elmore10576217
St. Clair10449251
Limestone10420158
Cullman10198204
Lauderdale9883253
DeKalb9226191
Talladega8705187
Walker7545286
Autauga7388113
Jackson7216117
Blount7147139
Colbert6522142
Coffee5962131
Dale5224117
Russell463942
Chilton4603117
Covington4502125
Franklin439781
Tallapoosa4343156
Escambia414782
Chambers3813124
Dallas3674163
Clarke361562
Marion3354106
Pike323179
Lawrence3176101
Winston289672
Bibb276165
Geneva267383
Marengo257367
Barbour241860
Pickens238862
Butler233571
Hale230578
Fayette223863
Henry203345
Cherokee192347
Randolph192244
Monroe190241
Washington174539
Macon167252
Crenshaw163457
Clay161859
Cleburne158445
Lamar149138
Lowndes143854
Wilcox128431
Bullock125342
Conecuh117730
Coosa115229
Perry109628
Sumter107532
Greene95935
Choctaw63125
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