Fallout from the Turkish lira's meltdown is starting to spread to markets around the world

Matt Dunham - WPA Pool/Getty Images

• Global markets are under pressure following the plunge in the Turkish lira late last week.
• The lira’s fall continued in Asian trade on Monday — it plunged as much as 10% when markets opened.
• The weakness is starting to spread to other emerging market currencies, with the South African rand crashing by as much as 10% against the greenback.
• Stock markets around Asia are lower, US stock futures are down, and high quality bonds are rallying.
• You can follow the lira price live on Markets Insider.

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Global markets are selling off following last Friday’s collapse of the Turkish lira.

China’s benchmark Shanghai Composite index immediately fell by more than 1% after the opening bell at 11:30am AEST — a fall matched by similar declines in Hong Kong and South Korea.

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