27.97 0.00 (0.00%)
After hours: 4:28PM EDT
|Bid||27.90 x 100|
|Ask||28.08 x 100|
|Day's Range||27.91 - 28.14|
|52 Week Range||25.99 - 47.13|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.62%|
Last week, Fitch lowered its rating on Turkey's sovereign debt from BB+ to BB with a negative outlook. “Economic policy credibility has deteriorated in recent months and initial policy actions following elections in June have heightened uncertainty,” Fitch said in a statement. Fitch last lowered Turkey's credit rating earlier in 2017.
The Turkish lira hit a record low on Thursday against the U.S. dollar. President Recep Tayyip Erdogan’s comments on lowering interest rates rattled investors who were already reeling over concerns over the collapsing currency and a substantial external debt load. The iShares MSCI Turkey ETF (TUR) has lost 43% from the peak in January.
The sell-off in Turkish markets and country-specific ETF continued Tuesday as the lira currency depreciated on rising concerns over President Recep Tayyip Erdogan's executive powers. The iShares MSCI Turkey ETF (TUR) declined 3.1% Tuesday after falling off 3.3% Monday, which have more or less erased the gains accumulated since mid-June. Dragging on the Turkish markets, the lira currency weakened 4% against the U.S. dollar late Monday after Erdogan appointed his son-in-law as finance minister and placed measures that could diminish the independence of the central bank, the Wall street Journal reports.
Turkey removed a clause that set the term of its central bank's governor at five years with an option for re-appointment, according to a Reuters report. The emergency decree with the changes did not include details on an alternative term length. Investors have previously been worried about the independence of the Central Bank of the Republic of Turkey, after President Recep Tayyip Erdogan said he wanted to take more responsibility in his country's monetary policy.
A Turkey country-specific ETF climbed Thursday as the country's new administration aims to lower interest rates and lower inflation to help support the economy. “Lowering interest rates and lowering inflation will be at the top of our priorities,” Yildirim told the state-run Anadolu news agency. Consumer inflation in Turkey hit a 14-year high of 15.4% in June, which has pushed for calls for a fresh round of interest rate hikes at the next central bank meeting on July 24.
Expect Low Volume, Higher Volatility On Shortened Trading Day Today could end up being a setup for technical traders. With volume expected to be light due to Wall Street’s early closure on the eve of July 4th and futures higher this morning, it could be an ideal day for bulls to push the S&P 500 […] The post Market Morning: Pre-holiday Favors Bulls, Oil Relentless, China Grumpy, Turkey Hyperinflation appeared first on Market Exclusive.
It's been a dark quarter for the emerging market currencies. Every one of them—from Argentina’s peso to Russia’s ruble to the South Korean won—have plunged against the US dollar, unnerving investors amid geopolitical volatility and rising interest rates. The Indian rupee hit an all-time low today, driven by concerns of rising oil prices, and has dropped 5.3% during the quarter.
The Turkish lira jumped to a one-week high against the U.S. dollar on Thursday, after Turkey’s central bank delivered a sizable hike to its benchmark interest rate in response to the country’s double-digit inflation — and said it was prepared to tighten further if needed. The Central Bank of the Republic of Turkey upped its one week repo auction rate to 17.75% from 16.5% as it aimed to stabilize prices. This was the CBRT’s second rate hike within just over two weeks, and its third this quarter.
The iShares MSCI Turkey ETF (NASDAQ: TUR ) jumped 5.46 percent Tuesday on volume that was more than double the daily average. Even with that gain, the lone Turkey exchange traded fund is down more than ...
Wednesday's relief rally in the iShares MSCI Turkey ETF (TUR) was short-lived as the lone exchange traded fund tracking Turkish equities plunged Thursday even after the central bank there dramatically hiked interest rates. “Interestingly, data suggests options traders had been betting on the $30 level acting as a floor for TUR. TUR's slump comes ahead of national elections in Turkey, which are slated for June.
Gold prices rebounded on Thursday, May 24, and futures contracts for June delivery rose 0.5% from the previous day’s close of $1,296.2 an ounce. Spot gold entered the $1,300 territory as the US dollar got weak. Adding to the global tensions, Turkey (TUR) was in focus yesterday with its currency, the lira, dropping almost 2% after a huge emergency interest rate hike failed to ameliorate its problems.
A Turkey country-specific exchange traded fund climbed Wednesday as value traders tried to catch a falling knife in response to the recent selling pressure. Dragging on the Turkey market outlook, the lira currency has tumbled to record lows in recent weeks and weakened by more than 20% against the USD so far this year and depreciated 70% over the past five years. The lira currency is on track for its worst weekly and monthly performance in a decade.
Turkey's central bank hiked its key interest rate by 300 basis points on Wednesday, and managed to stabilize its ailing currency. The late liquidity window lending rate, which is the rate local financial institutions can borrow at, was pushed to 16.5% from 13.5%. The country has been under pressure from a weakening currency, double-digit inflation and a government critical of the central bank.
In my Economy column last week, I argued that the euro area’s flaws explain much of Italy’s economic problems over the past decade. Italian borrowing costs, in their view, would always have a pro-cyclical credit component even if Italy had its own currency the Bank of Italy could print. Brazil, for example, has its own currency and a large locally denominated sovereign bond market, yet was forced to raise interest rates and cut its budget deficit in the midst of its worst recession in decades.
The Turkish lira has weakened against the dollar and gone beyond 4.5 for the first time, indicating remedial measures by the central bank. How is TUR placed?
As the Turkish lira sinks to record lows after President Recep Tayyip Erdoğan hinted at the idea of taking some control of central bank policy, it raises the specter of a return of the ‘Fragile Five,' which sent emerging markets into a rout in 2013. While a problem might be brewing in emerging markets—the iShares MSCI Emerging Markets ETF (EEM) has dropped 2% to $46.55 at 1:55 p.m. today—the recent weakness is largely a response to country-specific issues, rather than structural ones. In 2013, when the Federal Reserve hinted it would reduce its bond-buying program, the Fragile Five—as a Morgan Stanley analyst termed Turkey, Brazil, India, Indonesia and South Africa—cratered.
Turkey’s currency hit a fresh historic low against the U.S. dollar Tuesday, after President Recep Tayyip Erdogan said he wanted to take more responsibility for monetary policy in the country, stoking concerns about the independence and credibility of Ankara’s central bank. The dollar last fetched 4.4411 lira (USDTRY)(TRY), up 1.7%, just below its session and historic high of 4.4749. The buck has rallied 9.3% against the lira in May, and 17.1% in the year-to-date, according to FactSet data.
The Turkish lira hit a new all-time low against the U.S. dollar on Friday, adding the cherry on top of a week filled with negative headlines for Turkish assets. On Tuesday, S&P Global Ratings downgraded Turkey's foreign currency rating to BB-/B, citing risk of a "hard landing" and imbalances in the economy. Deputy Prime Minister Mehmet Simsek criticized the timing of the downgrade weeks before the country's snap presidential election, according to local news.
Turkish equities and the iShares MSCI Turkey ETF (NASDAQ: TUR) are struggling this year. TUR, the lone exchange traded fund dedicated to Turkish stocks, is sporting a double-digit year-to-date loss and ...
Turkish stocks and the largest Turkey ETF continued to weaken Monday and may look cheap, but bargain hunters don't seem to be taking the bait. The iShares MSCI Turkey ETF (TUR) fell 3.5% and is trading near its lowest since December. Turkish stocks are now trading at their cheapest in almost a decade as the market heads toward its largest monthly pullback since May 2016, Bloomberg reports.
The Turkey ETF climbed Thursday after the Turkish government revealed strong economic growth, with Goldman Sachs projecting the strength to be maintained through the rest of the year. On Thursday, the ...