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.

Confirmed Cases: 91935

Reported Deaths: 2780
CountyConfirmedDeaths
Hinds6884152
DeSoto527653
Harrison366071
Jackson332666
Madison316485
Rankin312173
Lee251566
Jones234077
Forrest229468
Washington214771
Lafayette199339
Lauderdale1977122
Bolivar175064
Oktibbeha172549
Lamar154833
Neshoba1513103
Panola140326
Lowndes138057
Sunflower136943
Warren136249
Leflore133279
Pike119848
Pontotoc119616
Monroe116665
Scott114925
Copiah114533
Coahoma108926
Holmes107658
Marshall105914
Grenada102634
Lincoln102652
Yazoo102527
Simpson99841
Union96223
Tate94337
Leake93235
Adams88133
Wayne86421
Pearl River83349
Marion82832
Covington78721
Prentiss77317
Alcorn74610
Newton74222
George74013
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Tallahatchie72517
Winston71819
Tishomingo64035
Attala63325
Chickasaw63124
Tippah62016
Walthall58525
Clay55916
Hancock54420
Noxubee53915
Jasper53214
Clarke51937
Smith51514
Calhoun50612
Tunica47013
Claiborne44716
Montgomery44420
Lawrence42112
Yalobusha41014
Perry38216
Humphreys36815
Quitman3595
Stone34511
Greene33316
Webster32613
Jefferson Davis31711
Carroll30612
Amite30310
Wilkinson29917
Kemper28415
Sharkey25811
Jefferson2349
Benton2081
Franklin1833
Choctaw1775
Issaquena1023
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Alabama Coronavirus Cases

Confirmed Cases: 128097

Reported Deaths: 2264
CountyConfirmedDeaths
Jefferson18531332
Mobile12931288
Montgomery8546170
Madison730373
Tuscaloosa6984109
Lee557059
Shelby544649
Baldwin500347
Marshall375942
Etowah324744
Calhoun316538
Morgan311825
Houston258621
Elmore246847
DeKalb229319
St. Clair217434
Walker217480
Talladega199125
Limestone190819
Cullman179717
Dallas172526
Franklin170328
Russell16852
Autauga161924
Lauderdale159031
Colbert156024
Escambia153824
Blount148713
Jackson144210
Chilton142824
Dale127442
Covington127227
Coffee12357
Pike11289
Tallapoosa112483
Chambers110742
Clarke104316
Marion90328
Butler90138
Barbour8097
Marengo69419
Winston68012
Lowndes64327
Pickens61514
Bibb6129
Hale60928
Bullock58314
Randolph58112
Lawrence57320
Monroe5708
Washington54213
Geneva5364
Perry5366
Wilcox52911
Cherokee52615
Conecuh51611
Crenshaw50731
Clay5057
Macon46619
Henry4474
Sumter41419
Fayette4088
Choctaw34212
Lamar3272
Cleburne3056
Greene29715
Coosa1573
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