The Turkish government attempted to allay investor fear with a two-hour conference call Sunday, but army factions’ unsuccessful overthrow — dubbed #TurkeyCoupAttempt on social media — could have strong repercussions as the country’s fragile markets open.

Turkey has been a beneficiary of risk appetite this year: iShares MSCI Emerging Market exchange-traded fund was up 14% before its 5% slump after Friday's close, outpacing the iShares MSCI Emerging Markets ETF by roughly 3 percentage points. Foreigners invested a net $7.3 billion into Turkish assets through May, compared to $3.2 billion in net outflows in the same period last year, according to Turkish government data reported by Bloomberg. On Sunday, the Turkish lira strengthened against the dollar after the Turkish government said it would provide unlimited liquidity to banks; the lira is weaker by 10% over 12 months, but is down less than 2% this year. As for banks, Morgan Stanley's recent emerging market stress tests put Turkiye Garanti Bankasi in a basket of eight developing-world banks with significant upside over the next three years, but it was negative on Turkiye Vakiflar Bankasi.