Original title: Turkish Assets Plunge After Senior Opposition Leader Ousted
A Turkish court has ordered the removal of the main opposition party’s Istanbul administration, leading to a slump in local assets. Turkey’s benchmark BIST-100 fell as much as 5.9% following news a court had annulled the Istanbul provincial congress of the CHP, as the opposition party is known. The index trimmed losses later and was down 3.9% at 5:00 p.m. Istanbul. The yield on two-year government bonds soared 85 basis points to 39.78% while five-year credit default swaps — a gauge of the country’s risk — jumped.