At the beginning of the previous week, the S&P 500 Index – the key stock index – was close to a historical record-high: strong corporate reports were pushing the index upwards. However, on Wednesday, 8 August, quotations began going down because of new trade sanctions that China and US are instituting against each other. Later, accelerating depreciation of the Turkish lira and fears that the exchange rate crisis in Turkey can spread to other markets added even more to negative moods.
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