The Turkish lira has taken another plunge, following a brief midweek recovery. The dollar and the euro both gained around 5 percent against the lira on Friday.
Germany's Angela Merkel and Turkish leader Recep Tayyip Erdogan have discussed how to boost economic ties. Erdogan will cap off his Germany trip by visiting Cologne, where some 10,000 people are expected to protest.
Turkey has been exempt from oil sector sanctions imposed by Washington on the regime in Tehran. But Turkish businesses fear the possible consequences of a likely shift in Donald Trump's mood toward Turkey.
Some emerging economies, including Turkey and Argentina, could be forced to cut spending to bridge yawning deficits. As interest rates continue to rise in the US and Europe, there is no respite for them any time soon.
Leaders of some 70 countries have commemorated the armistice that ended World War I a century ago. Some 10 million soldiers lost their lives in the conflict.
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