Istanbul bourse tracks global peers as losses trigger trading halt

Trading on the Istanbul stock market was suspended for a second time on Monday after significant losses triggered a market-wide circuit breaker, as concerns about a potential U.S. recession shook global financial markets.

The second circuit breaker was issued at 0725 GMT, with Borsa Istanbul Stock Exchange’s benchmark BIST 100 index down 7.07% and the banking index down 8.73%.

The stock market said trading was due to resume at 0755 GMT.

Stock markets tumbled on Monday as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid-fire rate cuts will be needed to rescue growth.

The Turkish lira weakened to a record low of 33.38 against the U.S. dollar at 0741 GMT, after closing at 33.2450 on Friday.

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