Markets fell across the globe, with events in Turkey dominating. The lira recovered some of Friday’s drop as Turkey’s central bank took steps to boost liquidity. Emerging-market assets were under pressure as President Recep Tayyip Erdogan maintained his defiance toward the U.S. and financial-market orthodoxy in speeches on Sunday even after the nation’s currency plummeted. The South African rand, which tumbled to a June 2016 low, among other weakening developing-nation currencies.
