Stocks Slide, Dollar Rises as China Markets, Lira Crisis Keep Investors Cautious

Global oil prices dip as dollar strength, China weakness offset concern over looming sanctions on Iranian crude. Global stocks traded mixed Wednesday, while the dollar surged to a fresh 13-month high against its peers, as investors worried that Turkey's diplomatic spat with the United States could worsen a currency crisis that is already threatening to spill over into debt-laden emerging markets in other parts of the word. Investors were also rattled by another sell-off in China stocks, which has taken domestic equities deeper into bear market territory as the economy cools amid escalating U.S. trade tariffs and the yuan tumbles to a 15-month low against the dollar in response.

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