European Shares Set To Follow Asian Peers Lower

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(RTTNews.com) - European stocks look set to open lower on Monday as concerns persist over Turkey, with the lira touching a new record low this morning after its free-fall in the previous session.

Asian stock markets tumbled as Turkey's financial turmoil stoked fears of contagion risk spreading to other emerging markets.

The dollar held firm near a 13-month high against major peers as Turkey's face-off with the U.S. showed no sign of abating. Oil prices eased after rising on Friday.

Turkish Finance Minister Berat Albayrak said an action plan would come into effect starting today to ease investor concerns.

"Our institutions will take the necessary steps to relax the markets," he said. The banking watchdog said it would limit swap transactions.

Elsewhere, China's central bank said it would maintain its prudent and neutral monetary policy and strike a balance between stabilizing economic growth, pushing structural adjustments and preventing risks.

U.S. stocks fell on Friday amid geological tensions after U.S. President Donald Trump approved higher steel and aluminum tariffs on Turkey, sending the lira tumbling to a record low.

The Dow dropped 0.8 percent while the tech-heavy Nasdaq and the S&P 500 shed around 0.7 percent.

European markets ended Friday's session firmly in the red after the European Central Bank raised concerns over the impact of a weak lira on European banks.

The pan-European Stoxx Europe 600 index declined 1.1 percent. The German DAX slumped 2 percent, France's CAC 40 index lost 1.6 percent and the U.K.'s FTSE 100 dropped 1 percent.

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This article appears in: Politics , World Markets , US Markets , Stocks

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