Turkey's main stock market fell by over 11 percent, and the Turkish lira dropped almost 5 percent, on the first day of trading after the Turkish government rejected a U.S. offer of $15 billion in cash and loans for the use of Turkey's military bases in a possible war against Iraq. Turkey has a domestic debt of over $90 billion and is recovering from a recession. (CNN)

The Israeli army raided a refugee camp in the Gaza Strip, capturing Sheikh Mohammed Taha, a founding member of the militant group Hamas. Eight Palestinians were reported to have been killed in the raid. (BBC)