|Day's Range||0.177 - 0.177|
|52 Week Range||0.1414 - 0.2112|
Turkish President Recep Tayyip Erdogan’s decision over the weekend to oust the country’s top central banker might make U.S. President Donald Trump jealous, but it runs the risk of sending Turkey into a full-blown currency crisis, analysts said Monday.
A popular exchange-traded fund that tracks Turkey’s stock market is climbing on Monday after Ekrem Imamoglu of the opposition Republican People’s party won a key closely watched mayoral race over the weekend,
Turkey’s lira currency has opened higher against the U.S. dollar on Monday after a repeat election for mayor in Istanbul ended months of uncertainty with a landmark opposition win in the country’s largest city.
In a blow to Turkish President Recep Tayyip Erdogan, an opposition candidate declared victory in the Istanbul mayor’s race for a second time Sunday after the government-backed candidate conceded defeat in a high-stakes repeat election.
The Turkish lira on Tuesday was retreating against the U.S. dollar as the government told local banks to slow process currency purchases, a fresh attempt to tamp down speculative bets on lira, according to reports.
The Turkish lira on Friday rose more than 3% after President Recep Tayyip Erdogan said the country would not buy the Russian-made S-400 missile defense systems, according to German newspaper Bild. The U.S. had said it would hold delivery of its F-35 fighter jets and impose sanctions had President Erdogan gone ahead with the deal with Russia, lumping further pressure on the struggling economy. The lira hit a session high at 5.9599 versus the greenback and in most recent trade a single dollar fetched 6.0072 lira.
The Turkish lira slumped to its lowest level in seven months as further political unrest weighs on the nation’s currency.
Amidst heightened geopolitical uncertainty, it might be surprising to hear that investors are bullish one of the most volatility-sensitive assets: emerging market currencies.
Our call of the day is a bullish one from Jonathan Golub, chief U.S. equity strategist at Credit Suisse Securities, who tells MarketWatch that he’s got a laundry list of reasons why equities will see gains for the “next several years.”
Turkey’s top election authority voided the Istanbul mayoral election won by an opposition candidate and ordered a do-over, ruling Monday in favor of a request by the president’s party to throw out the vote it narrowly lost.
The company's system sales, which comprise corporate and franchise, rose to 1.13 billion Turkish lira (£163.98 million), helped by like-for-like growth of 9.3 percent in Turkey and 16 percent in Russia. The pizza firm added 81 new stores in 2018, including 58 new ones in Russia, bringing its network to 724 stores. It targets 40-60 stores per year in Russia in mid-term and branched out to 12 cities outside Moscow.