In European Equity Markets stocks closed lower on Friday as investors reacted to corporate earnings, fresh turmoil in Turkey and the ongoing trade war between the U.S. and China. The pan-European Stoxx 600 was trading over 1 percent below the flat line, with banks and basic resources showing the steepest falls. Both sectors were down over 2 percent during mid-afternoon deals. Ryanair was down 4 percent after facing flight cancellations across Europe as pilots strike in Ireland, Germany, Belgium, Sweden and the Netherlands.

In Currency Markets the euro sank to its lowest against the greenback in more than a year on Friday after a report that the European Central Bank (ECB) was growing concerned about the exposure of banks to a dramatic slide in the Turkish lira. Turkey’s lira fell as much as 14 percent on Friday as worries about President Tayyip Erdogan’s influence over monetary policy and worsening U.S. relations snowballed into a market panic that also hit shares of European banks. The euro fell below $1.15 level to $1.1421, down 0.91 percent on the day and the lowest since July 2017.

In Commodities Markets oil prices rose more than 1 percent on Friday as U.S. sanctions against Iran looked set to tighten supply, but futures remained lower for the week as investors worried that global trade disputes could slow economic growth and hurt demand for energy. Benchmark Brent crude oil was up $1 at $73.07 a barrel. U.S. light crude was 92 cents higher at $67.73 a barrel. Brent remained on course to fall 0.3 percent in the week, while U.S. crude was on track to fall 1.1 percent, following a sell-off on Wednesday.

In US Equity Markets stocks slid on Friday, with banks taking the biggest hit, as concerns over Turkey’s economy and its deepening rift with the United States roiled stock markets around the world. The S&P 500 was down 0.70 percent, at 2,833.68 and the Nasdaq Composite declined 0.64 percent, at 7,841.27. Microchip shares fell 11.8 percent, the biggest decliner on the S&P, after it forecast disappointing second-quarter revenue. S&P technology sector’s 0.57 percent fall was led by chip-makers. Intel fell 2.7 percent after Goldman Sachs downgraded the stock to “sell”.

In Bond Markets U.S. Treasury yields fell to near three-weeks lows on Friday as investors scooped up low-risk government debt on anxiety about Turkey’s financial problems spreading to other emerging economies and lenders exposed to this sector. The yield on benchmark 10-year Treasury notes touched 2.886 percent, its lowest in almost three weeks. It was down 5 basis points at 2.884 percent, putting it on track for its steepest weekly fall in 11 weeks. Ten-year German Bund yield fell 5 basis points to 0.3310 percent.