CURRENCY CRISIS
European banks slide on Turkish lira fears
Societe Generale in Russia and Santander in Mexico also see their shares losing ground
Paris — Shares in Europe’s major banks lost further ground on Monday, as concerns about Turkey’s currency crisis spread to other emerging markets. The eurozone banking equity index was down 1.6%, hovering near its lowest level in 2018 and falling for the fourth session in a row. Turkey’s lira pulled back from a record low against the dollar on Monday morning after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks, but the currency’s meltdown continued to shake global markets. The lira has lost most than 40% of its value so far in 2018. The Russian rouble hit its lowest level since early 2016, under pressure from the lira and investors’ concerns about new US sanctions against Russia. Turkey exposure Shares in European banks were hit across the board for the second trading session in a row, with those exposed to Turkey and other emerging markets suffering the steepest losses. "There is a panic move on all emerging market currencies, the stres...
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