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World markets feeling queasy after Lira rebound stalls
The global equity markets are off to a mixed start. The rebound in the Turkey may have been short lived with the currency dropping nearly 4% against the dollar this morning. The markets are feeling the jitters once again with S&P Futures falling about 6-points thus far and near the bottom of the overnight trading range.
Equity markets in Asia finished lower with the Shanghai dropping 2%, just shy of yearly lows. Mainland equities may have been disappointed by the the PBOC's lack of providing a liquidity injection into the markets. The Nikkei dropped 0.7% with names like Softbank and Honda falling between 2-3% after sentiment soured across the equity complex
European bourses opened modestly higher but did not have enough fuel in the tank to continue that push higher. The sentiment in Turkey has had an impact on the overall tone, but not to the same degree seen during the Asian trading session. Economic data was light but the UK released inflation data that was mostly in-line with expectations.