Turkish Stocks Drop after Moody's Downgrade
The Turkish lira has fallen by as much as 1% this morning and stocks have slid by nearly 4% after Moody’s downgraded
Ankara - QNA
The Turkish lira has fallen by as much as 1% this morning and stocks have slid by nearly 4% after Moody’s downgraded the country’s debt to junk, following a similar downgrade from S&P Global Ratings.
The agency cited the economy’s exposure to foreign outflows, dwindling foreign exchange reserves and muted growth prospects in junking its debt.
The lira has slumped to its lowest level against the dollar since early August, weakening to TR2.99 at publication time – dropping 2% since Friday. Istanbul’s main bourse fell 3.8% at the opening bell. The country’s 10-year bond yields on local currency debt jumped by some 0.43 percentage points to 9.71%.
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Dubai - Arab Today
Dubai-based label ASMARAÏA just launched its pre-fall 2019 collection — and it’s all about cruelty-free, sustainable fashion with a festive edge. Checkmate The 15-piece collection features this checkered skirt-and-jacket ensemble that is giving us major “Clueless” vibes. Gold Rush ‘Tis the season to sparkle and this dazzling, floor-length gold skirt will do the trick. Take note of the chic black bow detail at the waist — it’s the ultimate party look. Feathered fashion The brand works with environmentally-friendly materials such as organic cotton, recycled polyester and faux fur, so you can be sure this feathered look doesn’t come at the cost of an animal’s life. Jewel Tones If you want to glisten like a polished jewel at your next festive function, this emerald-colored skirt is the perfect choice with its sequin details and shimmery overlay. Golden Girl Leopard print
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