There were broad declines across equities on Monday and a sell-off in developing-nation currencies as the ongoing economic crisis in Turkey bled into global markets. The dollar climbed and the yen jumped.

Banks were among the biggest losers as the Stoxx Europe 600 Index fell, amid concern the sector is heavily exposed to borrowers in Turkey. The lira tumbled alongside the country’s benchmark equity index after President Recep Tayyip Erdogan maintained his defiance toward the U.S. and financial-market orthodoxy in speeches on Sunday. Central bank moves to boost liquidity provided little relief. The pressure spread across emerging-market assets, with the South African rand touching the lowest since 2008.

Futures on the Dow, S&P 500 and Nasdaq also all retreated following big declines across Asian markets. The greenback traded at the strongest in a year and the euro weakened. Treasuries rose and Italian bonds fell, while gold tested lows near $1,200 an ounce.

The lira’s plunge is reminding investors of past crises in emerging markets and rattling nerves worldwide. Money is moving into safe-haven assets like Treasuries and the Japanese yen, though as rates rise in the U.S. the appetite for gold remains subdued.

The rout in the lira “may fuel volatility in emerging-market assets and dampen investor sentiment in the near term, as markets are already skittish,” said Kerry Craig, global market strategist at JPMorgan Asset Management. “But the drivers of the lira’s decline are very specific to Turkey — therefore it should not derail the positive fundamentals in other emerging markets over a longer-term.”

Elsewhere, commodities dropped, with West Texas crude trading below $68 a barrel after Iran ruled out talks with the U.S. heightened concerns over global supply, offsetting signs of a potential increase in American output.

Key events coming up this week:

• China releases industrial production, fixed-asset investment and retail sales data Tuesday.

• Germany releases gross domestic product data for the second quarter and the U.K. publishes unemployment figures Tuesday.

• Earnings are due this week from companies including Tata Steel, Maersk, Home Depot, China Unicom, Tencent, Cisco, Walmart, and Carlsberg.

• Brexit talks between the EU and the U.K. resume in Brussels Thursday.

• Retail sales data in the U.S. is on Wednesday, followed by housing data on Thursday.

Main moves in markets:

Stocks

• The Stoxx Europe 600 Index decreased 0.2 percent as of 9:09 a.m. London time, the lowest in three weeks.

• Futures on the S&P 500 Index dipped 0.4 percent to the lowest in more than a week.

• The MSCI All-Country World Index declined 0.6 percent to the lowest in more than a month.

• The MSCI Emerging Market Index declined 1.8 percent to the lowest in a year on the largest drop in more than a week.

Currencies

• The Bloomberg Dollar Spot Index climbed 0.3 percent to the highest in almost 14 months.

• The euro dipped 0.4 percent to $1.1371, the weakest in more than 13 months.

• The Japanese yen climbed 0.6 percent to 110.21 per dollar, the strongest in almost seven weeks on the largest increase in more than three weeks.

• The Turkish lira declined 6.6 percent to 6.8886 per dollar, the weakest on record.

• South Africa’s rand sank 2.4 percent to 14.4424 per dollar, the weakest in nine months.

• The MSCI Emerging Markets Currency Index fell 0.7 percent to the lowest in 13 months.

Bonds

• The yield on 10-year Treasuries declined two basis points to 2.86 percent, the lowest in more than three weeks.

• Germany’s 10-year yield decreased less than one basis point to 0.31 percent, the lowest in five weeks.

• Britain’s 10-year yield dipped one basis point to 1.242 percent, the lowest in more than three weeks.

Commodities

• The Bloomberg Commodity Index declined 0.7 percent to the lowest in three weeks.

• West Texas Intermediate crude decreased 0.3 percent to $67.40 a barrel.

• LME copper dipped 1.3 percent to $6,109.50 per metric ton, the lowest in more than three weeks on the biggest decrease in more than a week.

• Gold fell 0.5 percent to $1,204.29 an ounce, the weakest in 17 months on the largest fall in a week.

Source: Bloomberg