Trading on the Istanbul stock market was suspended two times on Monday after significant losses triggered a market-wide circuit breaker, as concerns about a potential U.S. recession shook global financial markets.

The second circuit breaker was issued at 0725 GMT, as the Borsa Istanbul Stock Exchange's benchmark BIST 100 index tumbled 7.07%, and the banking index plunged 8.73%.

Trading later resumed, and the BIST 100 index was last down 3.8%, with the index of bank stocks slipping 4.2%.

Stock markets tumbled on Monday as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid-fire rate cuts will be needed to rescue growth.

The Turkish lira weakened to a record low of 33.38 against the U.S. dollar at 0741 GMT, after closing at 33.2450 on Friday.