Boiling In Someone's Hot Air08/13/2018, Mon , Cloudy, Air PerfectSummary:The bleeding Turkey finally dragged down global markets. Now we have two main themes now.Euro Session:In the early morning of most euro countries, USDTRY fell sharply again and successfully triggered a series of reactions. EUR fell sharply followed by GBP and AUD while JPY was relatively stable among G7. It was reported that ECB said concerned on BBVA(Spain), UniCredit(Italy) and BNP(France) as particularly exposed to Turkish lira plunge, which acted as the catalyst. The risk-of sentiment soon prevailed across Asia with most equity indexes fell into red. Then UST was boosted 3 bps higher from NY closed level. Turkey foreign liability is around 118bn, the mediocre level in the EM universe. BUT naturally the largest holding of TRY portfolio assets are Euro area investors (42%) followed by US (32%). So it c
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