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Borsa Istanbul Index Triggers Second Circuit Breaker Following Erdogan Comments

TURKEY

Turkish stocks have triggered a second circuit breaker after falling more than 7% Wednesday. The banking index is exhibiting similar losses. Trading resumes at 1801 local time.

  • The moves follow comments from President Erdogan earlier today, who said “Hamas is not a terrorist organization but a group of mujahideen fighting to protect their land and citizens”, remarks which risks a rift with his nation's western partners and signals an abrupt end to the recent improvement in Israeli-Turkish relations.
  • In the aftermath of this speech, Italian Deputy PM Matteo Salvini called Erdogan's comments "disgusting", and said he would suggest the Foreign Minister summon the Turkish ambassador.

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