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Turkey's ETF logs worst daily plunge in about 10 years as country's currency unravels

Mark DeCambre

The largest exchange-traded fund to track Turkey's equity market plummeted on Friday after the European Central Bank raised questions about a possible contagion from Turkey's embattled currency, according to a report form the Financial Times. President Recep Tayyip Erdogan won reelection in a snap vote in June and his growing power in Ankara has unsettled investors because he threatens the independence of the country's central bank. The currency crisis has spilled over in to broader markets as President Donald Trump said in a tweet on Friday that he has authorized the doubling of existing steel and aluminum tariffs on imports from Turkey.