Turkey’s troubles are deepening.
Monday brought a warning from the International Monetary Fund that the Turkish economy is showing “clear signs of overheating” after expanding 7.4% in 2017 versus potential growth pegged at 3.5% to 4%. On Tuesday, Standard and Poor’s handed Turkey a surprise downgrade to double-B-minus, saying there is a risk of a hard landing. On Wednesday, the Turkish manufacturing purchasing managers’ index fell below 50, showing contraction, and on Thursday data showed inflation accelerating to 10.8% in...