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[Bloomberg]( Lira's plunge continues, worries spread to wider market, and Tesla said to draw Saudi interest. Seven Pressure remains on the Turkish lira after Friday’s rout, with the currency briefly trading at [more than 7 to the dollar]( in the Asia session. President Recep Tayyip Erdogan remained defiant in speeches yesterday, saying the country is now in an “economic war.” As with all putative wars, controlling the message is proving key, with authorities in Ankara warning that criticism may be viewed as “[economic attacks](” on the country. The lira was trading at 6.8870 by 5:50 a.m. Eastern Time. Spreading The crisis in Turkey is moving asset prices across emerging markets. South Africa’s rand saw its [biggest plunge]( in about a decade during Asian trading hours before paring some of those losses. The MSCI Emerging Markets Currency Index fell to the lowest in over a year. The euro has also been [under pressure](, hitting the lowest level against the dollar in more than 13 months, while [Italian bonds]( have slumped. Funding? Saudi Arabia’s Public Investment Fund is working to be part of any investor pool that emerges to [take Tesla Inc. private](, according to people with knowledge of the fund’s plans. Another touted source of the financing, SoftBank Group Corp., [isn’t planning on participating]( in any deal, according to people with knowledge of the matter. For Tesla’s Elon Musk, the original tweet about the issue, which implied that funding had been secured to take the company private at $420 per share, may land him in court as investors sue for [price manipulation](. Markets drop Overnight, the MSCI Asia Pacific Index sank 1.7 percent while Japan’s Topix index ended the session 2.1 percent lower as the yen strengthened amid haven demand. In Europe, the Stoxx 600 Index was 0.5 percent lower at 5:50 a.m. as the region’s banks with exposure to Turkey [took another hit]( and shares in Bayer AG [plunged 10 percent]( after a California court ruling against its Roundup weed killer. S&P 500 futures pointed to a [drop at the open](, the 10-year Treasury yield was at 2.864 percent and gold fell. August It’s a very quiet week on the data front, with retail sales on Wednesday being one of the few major U.S. economic releases. Today does see the Treasury sell $96 billion of three-month and six-month bills as supply, particularly at the short end, continues to swell. What we've been reading This is what's caught our eye over the weekend. - Odd Lots: How Wall Street [started]( selling you financial products. - How the [world’s purchasing managers]( see the future. - Global [smartphone sales growth]( grinds to a halt. - Mark Zuckerberg is totally [out of his depth](. - Some of the latest battery tech [may be obsolete]( before ever making it into a car. - China faces problems getting its banks to [increase lending](. - Conflict reigns over the history and [origin of money](. And finally, here’s what Joe's interested in this morning I was on vacation last week, but that's okay because it doesn't seem like I [missed]( much [news](. What I got to do was read the new book by Columbia professor Adam Tooze [Crashed: How a Decade of Financial Crises Changed the World](. If you have time this summer, you should do so too. Tooze manages to somehow pull all of the big financial, political, and geopolitical events of the last 10 years into a cogent and compelling narrative. There's too much in the book to do it justice in this space, though a couple of big ideas are worth mentioning. One of them is just how much everyone was looking at the wrong risks in the pre-crisis era. While lots of people were focused on the dangers of too much U.S. government debt, it was private debt that turned out to be the real bomb. And while numerous analysts were focused on the risks of imbalanced trade with China, it was financial flows and imbalances -- not trade -- that really shook the world, and explains why so many European banks got into trouble. Finally, the book really drove home in a powerful way the extent to which the entire crisis-fighting operation was all about propping up the existing system (especially in the U.S.), rather than using it as an opportunity to build something new. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SEND TO A FRIEND [Share with a friend]]( You received this message because you are subscribed to Bloomberg's Five Things newsletter. 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