Almost everywhere all around the world markets are quiet. There's one exception: Turkey.
The Erdogan government is facing a massive corruption crisis, and the Turkish lira is getting crushed. Turkey has a large external debt position and an ugly trade deficit, so its economy and financial markets are highly sensitive to the whims of the global investor community. And the global investor community doesn't like what it's seeing.
Here's a look at the dollar vs. the lira over the last week. You can see the big spike today in the dollar relative to the lira, as investors are dumping lira the moment they wake up.
In the world of currencies this is a major collapse.
Meanwhile, the stock market is off 4%, and down 11% just over the last few days.
As trader and economist Mark Dow points out on Twitter, these kinds of huge dives during thin holiday trading are signature moves for emerging markets.
For more thoughts on the situation in Turkey, see Mohamed El-Erian's take here.
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