Here’s what’s been happening on Wall Street overnight

The Wolf of Wall Street/ ‎Red Granite Picture/ ‎Paramount Pictures

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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 $US2 trillion market cap after it reached the $US1 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.

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