Original title: Turkish Court Removes Main Opposition Party’s Istanbul Head: NTV
A Turkish court has ordered the removal of the main opposition party’s Istanbul administration, local media reported, leading to a slump in the local stock market. Stocks 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 lira was down 0.1% against the US dollar, trading at 41.16 at 4:15 p.m. Istanbul. The yield on two-year government bonds soared 85 basis points to 39.78%. Five-year credit default swaps jumped six basis points.