Stock markets around the world fell sharply Monday as investors turned their attention to the U.S. presidential race and the first televised debate between Hillary Clinton and Donald Trump. Oil prices rose amid some speculation that the OPEC oil cartel will discuss a possible production freeze.

KEEPING SCORE: In Europe, France’s CAC 40 fell 1.7 percent to 4,413 while Germany’s DAX was down 1.5 percent at 10,465 Britain’s FTSE 100 was 1.2 percent lower at 6,822. U.S. shares were also set to fall at the opening bell, with Dow futures and the broader S&P 500 futures down 0.5 percent.

THE DEBATE: Clinton and Trump will confront each other face-to-face for the first time in Monday night’s prime-time presidential debate. A record television audience is expected for the high-stakes showdown, which could go some way to determining who wins November’s election.

ANALYST TAKE: “The first televised debate marks the point where Trump vs Clinton will be even more unavoidable than it already is, and therefore has reminded the markets that Brexit, U.S. interest rates and China’s economic slowdown aren’t the only macro issues out there to worry about,” said Connor Campbell, an analyst at Spreadex.

TURKEY DOWNGRADE: Turkish stocks took a battering after Moody’s downgraded the country’s credit rating into junk status to account for a series of shocks to the economy that included bombings and an attempted coup. The Istanbul 100 stock index was trading 3.9 percent lower at 76,610 points. The country’s currency, the Turkish lira, also took a hit. The dollar is up 0.7 percent at 2.9874 lira.

OIL HIGHER: In contrast to stocks, oil prices have bounced higher at the start of the new trading week as investors monitor a meeting of oil producers in Algiers over the coming days. Ministers from OPEC are expected to meet later this week on the sidelines of the International Energy Forum. The main New York rate was up 58 cents at $46.47 a barrel.

ASIA’S DAY: Japan’s benchmark Nikkei 225 edged down 1.3 percent to finish at 16,544.56. South Korea’s Kospi slipped 0.3 percent to 2,047.11. Hong Kong’s Hang Seng lost 1.6 percent to 23,303.62, while the Shanghai Composite fell 1.8 percent to 2,980.43.

CURRENCIES: The euro rose 0.3 percent to $1.1263 while the dollar fell 0.5 percent to 100.45 yen.