As Gluskin Sheff's David Rosenberg notes, "No contagion, eh? The only folks that can't see it in the FX and commodity markets spend too much of their day gazing at the SPX and Russell 2000. There is no decoupling, just lags."

However, even more seriously, the contagion has spread to the banking system...

European bank stocks have just entered a bear market... as fears over Turkey spread.

And the world's most systemically important banks just tumbled to their weakest since...