In Asian Equity Markets indices declined on Monday as investor sentiment took a hit amid the renewed decline in the Turkish lira. The Nikkei 225 slid 1.6 percent.  Toyota Motor declined 1.67 percent and Canon lost 2.17 percent. The sea transport sub-index led losses in the morning, with the sector sinking 3.31 percent, amid broad declines. Chinese shares were also dented, with the Shanghai Composite losing 1.15 percent and the blue-chip CSI 300 index down 1.2 percent. Hong Kong’s Hang Seng Index, meanwhile, fell 1.6 percent as all sectors recorded steep declines.

In Currency Markets the Turkish lira fell to a fresh record low of 7.24 to the dollar in early trade on Monday, as investor worries over the state of the economy and deteriorating ties with the United States continued to drag down the currency. The Turkish lira has lost about 40 percent of its value this year, largely over worries about President Tayyip Erdogan’s influence over the economy, his repeated calls for lower interest rates in the face of high inflation, and a row with the United States.

In Commodities Markets oil prices inched up on Monday as U.S. sanctions against Iran pointed towards a tighter market, although concerns over slowing economic growth amid global trade tensions kept a lid on gains. Front-month Brent crude oil futures were at $72.88 per barrel, up by 7 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 16 cents at $67.79 per barrel. The United States has started implementing new sanctions against Iran, which from November will also target the country’s petroleum sector.

In US Equity Market stocks fell on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets. The S&P 500 lost 0.71 percent, to 2,833.28 and the Nasdaq Composite fell 0.67 percent, to 7,839.11. For the week, the Dow fell 0.6 percent and the S&P 500 was down 0.3 percent. Microchip Technology shares fell 10.9 percent after a disappointing second-quarter revenue forecast. The S&P technology index fell 0.8 percent, with Intel down 2.6 percent after Goldman Sachs downgraded the stock to “sell.”

In Bond Markets the U.S. Treasury debt market rang up its best day on Friday in more than two months as investors scooped up low-risk government debt on anxiety about Turkey’s financial problems spreading to other emerging economies and lenders exposed to the sector. The yield on benchmark 10-year Treasury notes touched 2.855 percent, its lowest in almost three weeks and closed down over 8 basis points at 2.853 percent.