Turkey’s financial jitters continue to weigh on UK stocks
The FTSE 100 spent another session in the red as jitters over Turkey’s financial crisis continued to dampen appetite for European stocks. Investors have been slow to re-embrace European stocks amid concerns of a contagion effect from Turkey’s currency crisis, triggered by worries over President Recep Tayyip Erdogan’s economic policies and a trade and diplomatic dispute with the United States. The two countries are at loggerheads over Turkey’s detention of American evangelical pastor Andrew Brunson, with Donald Trump exacerbating the feud by doubling steel and aluminium tariffs on the country. In UK stocks, Antofagasta was the worst performing stock after reporting a 16% drop in half-year earnings, having been stung by higher costs and lower production output.