FAST FIVE: Lira Tumbles, Turkish Stocks Enter Bear Market After US Issues Ultimatum; Russia Furious

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while Turkish stock market losses accelerated as the Borsa Istanbul 100 Index falls 1.5%, declining for a 6th day and 13 of the past 14, to touch the lowest level since January 2017, effectively entering a bear market, having tumbled 20% from the March highs.

While there wasn't a specific event behind today's mauling of Turkey, which to many investors has become the canary in the emerging markets coalmine, the selling picked up after Turkey said soldiers had been dispatched for training in Russia ahead of the delivery of the S-400 missile-defense system.

According to Reuters, Moscow was responding to a CNBC report which said Washington had given Turkey just over two weeks to scrap the Russian deal and do an arms deal with the United States instead or “risk severe penalties.” More from CNBC: Turkey has a little more than two weeks to decide whether to complete a complex arms deal with the US or risk severe penalties by going through with an agreement to buy a missile system from Russia, according to multiple people familiar with the matter.

Washington alleges that the Russian deal, if it goes ahead, would jeopardize Turkey's role in building Lockheed Martin F-35 fighter jets.

When asked about the CNBC report by reporters on Wednesday, Kremlin spokesman Dmitry Peskov said: “We regard this extremely negatively.

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