Home Economy Shares retreat as traders see higher rates under Powell; Turkish lira plunges

Shares retreat as traders see higher rates under Powell; Turkish lira plunges

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  • Wall Street, European share indexes down
  • Dollar retreats from 16-month high
  • Turkish lira crashes 15% to record low
  • <a href=”http://tmsnrt.rs/2yaDPgn”>Graphic: Global asset performance</a>
  • <a href=”http://tmsnrt.rs/2egbfVh”>Graphic: World FX rates</a>

WASHINGTON/LONDON, Nov 23 (Reuters) – Wall Street stocks fell and the dollar slipped from a 16-month high on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term, while European shares slumped to a three-week low.

Treasury yields weighed on major U.S. technology stocks, even as bank shares extended the previous day’s gains.

The Turkish lira lost 15% of its value, crashing to another record low as investors panicked after President Tayyip Erdogan defended recent rate cuts and showed little concern for rising inflation. read more

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Volatility in the Turkish currency…

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