Turkish stocks decline under state of emergency

Turkish stocks declined 4 per cent and the lira reached near record lows after the government announced a three month state of emergency in response to last week's failed military coup.

The Turkish markets continued their downward spiral as the S&P Global ratings agency cut the sovereign rating to BB/B while Moody's, another ratings agency, placed several Turkish companies under review for downgrade.

JPMorgan said that the S&P downgrade will not affect bond eligibility but will likely force a sale of up to $1 billion of Turkish debt.

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Read more at Reuters.