GLOBAL MARKETS-Shares shrivel after Powell’s renomination; Turkish lira crashes

Stock markets fell sharply and the dollar held on to recent gains on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term. After Wall Street turned lower on Monday, Asian shares dropped and European stocks opened in the red. Futures on Wall Street also pointed to a second day of losses in the United States.