[MARKET UPDATE] Turkey's Borsa Istanbul 100 fall 6%, triggering a market-wide circuit breaker

The Turkish pattern is well established: lira pressure, foreign investor outflows, and equity drawdowns tend to feed each other, with locals historically treating dollarization as the hedge of choice, so the equity break is usually a symptom rather than the origin. The relevant distinction is whether the trigger is domestic, political instability, unorthodox monetary policy signals, or credit events, or whether it is part of a broader EM risk-off move; the former has tended to persist, the latter to mean-revert with global beta. What bears watching is the lira's fix and any central bank or capital-markets response, since Turkish authorities have on previous occasions answered equity stress with short-sale bans and other market-function interventions that change the tradability of the move. Sovereign CDS and the hard-currency curve are the usual tell for whether the stress is being read as idiosyncratic or systemic within the EM peer set.