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: 145636

Reported Deaths: 3745
CountyCasesDeaths
DeSoto963299
Hinds9584195
Harrison6848109
Jackson6124118
Rankin528598
Lee484295
Madison4633105
Forrest368186
Jones345287
Lauderdale3350143
Lafayette315049
Washington3097107
Lamar281849
Oktibbeha239261
Bolivar239083
Lowndes228863
Neshoba2164115
Panola211749
Marshall208350
Leflore200890
Pontotoc194728
Monroe190277
Sunflower189755
Lincoln186165
Warren172257
Tate164251
Union160925
Pike160458
Copiah158940
Yazoo151239
Scott150229
Itawamba147634
Coahoma147443
Pearl River144467
Simpson144253
Alcorn143925
Prentiss140429
Grenada136945
Adams136548
Leake131843
Holmes124961
George122224
Tippah121530
Covington117636
Winston116624
Wayne115823
Hancock114139
Marion111046
Attala107833
Tishomingo106142
Newton102729
Chickasaw102432
Tallahatchie95527
Clarke88553
Clay87027
Jasper81122
Walthall75028
Stone72414
Montgomery71925
Calhoun71613
Carroll70614
Lawrence70214
Yalobusha69427
Noxubee69217
Smith68816
Perry65225
Tunica59619
Greene58422
Claiborne57416
Jefferson Davis54217
Humphreys52618
Amite51214
Benton48417
Quitman4796
Webster42014
Kemper40917
Wilkinson38622
Jefferson33811
Franklin3235
Choctaw3077
Sharkey30617
Issaquena1114
Unassigned00

Alabama Coronavirus Cases

Cases: 236865

Reported Deaths: 3472
CountyCasesDeaths
Jefferson31043491
Mobile19446360
Tuscaloosa12684150
Madison12528146
Montgomery12122235
Shelby992276
Baldwin837684
Lee759765
Morgan626247
Calhoun6049113
Etowah600564
Marshall596153
Houston510838
DeKalb469635
Cullman421136
Limestone408844
St. Clair403955
Elmore398961
Lauderdale387253
Walker356199
Talladega339044
Jackson302524
Colbert297641
Blount282236
Autauga266139
Franklin246233
Coffee236615
Dale228454
Dallas222331
Russell21923
Chilton218537
Covington215933
Escambia196931
Tallapoosa171790
Chambers171448
Pike156014
Clarke155319
Marion135535
Winston126623
Lawrence123936
Geneva11848
Pickens117618
Marengo117424
Barbour116710
Bibb115717
Butler114341
Randolph100321
Cherokee99624
Hale93231
Washington89918
Clay89623
Fayette86216
Henry8436
Lowndes78929
Monroe77911
Cleburne75614
Macon71720
Crenshaw70330
Bullock69019
Conecuh68214
Perry6726
Lamar6337
Wilcox62818
Sumter56222
Choctaw41813
Greene41317
Coosa3144
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