Turkey’s central bank said it would hold an extraordinary interest rate-setting meeting late Tuesday, jolting the lira sharply higher after yet another record-breaking slide and bringing a pause to selloffs in other struggling markets.

Markets opened with a grim tone. Stocks slumped badly in Asia, and equity markets across Europe were in the red Monday morning. Germany’s DAX slipped 0.4%. As the dollar rocketed almost to 2.39 against the ailing lira, the South African rand wilted further and other currencies and bonds were caught in the rush to safety.

U.S. stocks retreated in morning trading, after opening higher.

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