BEFORE THE BELL: Turkish economy problems still rippling across the globe; crude demand slows
The meltdown in the Turkish economy is still causing a ripple effect in global markets.
Investors are reportedly moving to safe haven assets after the Turkish Lira plunged 12 per cent this morning, before pushing back to a 7 per cent loss. Turkey officials are working on a plan to ease the crisis, but analysts say the problem has spread far beyond the country. Turkey’s troubles stem from serious tensions with the US as Donald Trump is hitting the country with sanctions demanding the release of a jailed American pastor.
The EU is also taking a hit after reports suggested the Central Bank is concerned about Turkey’s impact on the Euro.
Crude prices are slipping this morning as US oil drops to 67.29 a barrel, weighted by global economic concerns.
The Loonie is falling below 76 cents to 75.98 cents US.