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Turkey is a uniquely horrible mess, with one of the world’s biggest trade deficits, and a mountain of foreign-currency debt that grows harder to service with every down-tick in the lira.

Contagion from Turkey’s financial crash, though, is quite limited. Countries with large current account deficits (Indonesia, Brazil, Philippines, Poland) showed losses in the price of their dollar-denominated ETF’s. Among the largest markets, China performed the best between Thursday and Monday.

Despite the continued threat of a tariff war between the United States and China, there isn’t much reason for the Chinese market to do much of anything in response to Turkey.

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