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Emerging markets slump as Turkish lira plunges

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Emerging market equities slumped on Friday, following a dramatic slide for the Turkish lira as investors feared the country’s currency crisis could spread to global markets.

The Turkish lira

USDTRY, +15.9654%

which was already weakening against the dollar as President Recep Tayyip Erdogan vowed to fight an “economic war,” extended its slide after President Donald Trump doubled tariffs on steel and aluminum imports from Turkey.

On Friday late-morning Eastern U.S. time, the dollar bought 6.447 lira, up 16% from late Thursday, off its deepest losses of the day. The currency has weakened 74% against the dollar since the start of the year.

The iShares MSCI Turkey ETF

TUR, -14.53%

 plummeted as low as 20% on Friday, though recovered to trade 17% lower.

The iShares MSCI South Africa ETF

EZA, -4.78%

 dropped 4.8%, the iShares MSCI Brazil ETF

EWZ, -4.41%

 fell 3.3%. Meanwhile, the iShares MSCI Mexico ETF

EWW, -3.46%

 fell 2.6% and the VanEck Vectors Russian ETF

RSX, -3.45%

 slumped 2.7%.

In Asia, China and India ETFs were also down, but less severely. The iShares MSCI China ETF

MCHI, -0.83%

and the iShares MSCI India ETF

INDA, -1.20%

 were each down 1%.

The Vanguard FTSE Emerging Markets ETF

VWO, -1.99%

 fell 1.9%.

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