Stock market news today August 15

Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours. Sign up here
to get
the best of Business Insider delivered direct to your
inbox.

These are the countries most at risk if Turkey’s lira
crash spirals into a debt crisis

The
collapse of the Turkish lira against the
dollar is the focus of global markets but
emerging market currencies are getting hammered across the board
and there are concerns that the issue could spiral from a
currency crisis into a debt crisis.

The Indian rupee hit an all-time low against the dollar
overnight, the South African rand has been diving,
Argentina’s central bank hiked rates by 5% on
Monday to arrest the peso’s decline,
and Indonesia’s government is meeting to
discuss emergency measures to defend the sinking rupiah.

“EM [emerging market] currencies (judged by the Bloomberg EM
currency basket) are now at their lowest nominal value in the
past three years – below the level reached in early 2016 at the
time of the commodity price fall and period of US$ strength,”
analysts Stuart Culverhouse and Hasnain Malik from emerging
market specialist bank Exotix said in a note on Tuesday.

The SEC reportedly sent subpoenas to Tesla concerning
Elon Musk’s tweets about taking Tesla private

The Securities and Exchange Commission
has sent subpoenas to Tesla concerning the company’s plans to
explore going private and CEO Elon Musk’s statements about the
process, Fox Business reports.

Fox Business reporter Charles
Gasparino said on Twitter
that sources suggested the agency was moving into a formal
investigation of Tesla.

The Wall Street Journal reported last
Wednesday that the SEC had made an
inquiry into Tesla about whether one of Musk’s
tweets regarding the possibility of taking the company private
was truthful. And on Thursday, Bloomberg
reported that the agency was “intensifying” its
inquiry.

Apple could launch glasses in 2020, Apple Car in 2023,
predicts analyst with strong track record

Apple could release augmented reality glasses by 2020, and a car
three to five years after that,
highly-respected analyst Ming-Chi Kuo predicted in a TF
Securities research note distributed on Tuesday.

Kuo’s research has a strong
track record of accurately describing Apple
products often months before they officially launch.

In the speculative note, seen by Business Insider, Kuo discusses
how Apple could reach a $2 trillion market cap after it reached
the $1 trillion mark earlier
this month.

“Services, AR, and Apple Car will create Apple’s next
trillion-dollar market cap,” he wrote in the research note.

In markets news