|Bid||24.16 x 3100|
|Ask||24.26 x 1000|
|Day's Range||24.03 - 24.31|
|52 Week Range||18.88 - 39.46|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.41|
|Expense Ratio (net)||0.59%|
Turkish President Recep Tayyip Erdogan suffers a blow in local weekend elections, setting the stage for more near-term uncertainty for investors, according to ABN Amro.
A popular way to bet on Turkey's stock market was tumbling sharply on Wednesday, as the Turkish government prevented foreign banks from accessing lira in so-called swaps transactions, a tactic intended to prevent bets against lira ahead of a weekend election, according to reports. That move has sent the overnight cost of borrowing lira, or swap rate, to 1,200% from 23%, according to Reuters. The exchange-traded iShares MSCI Turkey ETF was down 7.8% midday Wednesday as the Turkish lira was weakening sharply against bucks. The greenback last bought 5.4272 lira, up 1.9% against the Turkish currency, according to FactSet data. Volatility in Ankara's market comes ahead of a key vote on Sunday, with incumbent President Tayyip Erdogan fighting to keep his AK Party in power. Turkey's economy has been struggling with high, double-digit consumer-price inflation, an ailing currency and rising interest rates in the U.S., which had made Ankara's dollar-denominated debt burden more expensive in local currency terms. Erdogan has called for a ban on the use of U.S. dollars, which has sapped liquidity in markets that trade lira, including currency-trading hub London.
GF Securities Co.'s GTEC Pandion Multi-Strategy Fund SP got burned by foreign exchange trades in the Turkish lira during the summer of 2018, leading to losses that amounted to $139 million and caused prime broker Citigroup to execute margin calls. Bloomberg reported in December that Citigroup was facing up to $180 million in losses stemming from a loan to fund the trades by GF Securities. The meltdown reached Citigroup's board, which called for a reorganization of its prime brokerage business.
Volatility is often the name of the game with the iShares MSCI Turkey ETF (NASDAQ: TUR) and that has been the case in recent trading sessions. Last week, it was reported Turkey's official reserves unexpectedly declined, pushing the central bank there into surprise tightening measures that did little to stem the lira's slide. Turkish authorities have a history of clashing with international banks and credit ratings agencies when volatility spikes in the country's financial markets and that tradition was renewed following last week's lira plunge.
Turkey country-specific exchange traded fund was among the worst hit on Friday's sell-off as the broader risk-off mood coupled with the plunge in the Turkish lira currency dragged on this emerging market. The iShares MSCI Turkey ETF (TUR) was among the worst performing non-leveraged ETFs of Friday, plunging 10.5% and breaking below its long-term support at the 200-day simple moving average. On top of the broader risk-off selling that plagued the markets on Friday, Turkey's market was dragged down by an ongoing rout in the wake of an unexplained drop in official reserves, despite the Turkish central bank's surprise tightening to stem the fall.
Google Censored Chinese Search Engine Back On According to an “internal investigation” by Alphabet (NASDAQ:GOOGL) employees, Google is back at it in building a search engine for China that complies with Chinese censorship that don’t really strike such a good chord with American ears. Employees of the company are pretty peeved at this, and the […]The post Market Morning: Google Censorship, China Stimulates, Congress Rejects Emergency, Papa John's Settles appeared first on Market Exclusive.
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European stocks and the related exchange traded funds (ETFs) are coming off dismal performances in 2018. The Vanguard FTSE Europe ETF (VGK) and the iShares MSCI EMU ETF (CBOE:EZU) , two of the largest US-listed ETFs, finished 2018 with losses of about 18% and 19%, respectively. As of Feb. 11, 2019, the Eurozone-focused EZU is up 4.79 percent year-to-date, but some market observers and ETF strategists are taking a cautious approach to Europe ETFs.
Tentative Deal To Avert Another Shutdown Pushes Futures Higher Another tentative deal to push off another government shutdown is taking shape, “in principle” according to negotiators, increasing the chances that a government shutdown will be averted by Friday when funding from a stopgap spending bill will be exhausted. President Trump lost this one badly, as […]The post Market Morning: Shutdown Deal, Aurora Losses, Google Walmart Breakup, Turkish Hyperinflation appeared first on Market Exclusive.
It is not a stretch to say that, by now, most investors know that last year was hard on international stocks and the related exchange traded funds (ETFs). When 2018 drew to a close, the MSCI EAFE Index ...
The country’s bonds should provide currency-driven gains in 2019, while a handful of stocks look attractive. An economic recovery, however, will take a while to gain traction.
Turkey's central bank kept the benchmark one week repo rate unchanged at 24% in Jan 16's Monetary Policy Committee (MPC) meet, putting TUR in focus.
The largest Turkey ETF led the charge Wednesday after Turkey's central bank left its benchmark interest rates unchanged, easing concerns that it would loosen its monetary policy in face of declining inflationary pressures and a stronger lira currency. Some market observers speculated Turkey's central bank would cut rates given the lower inflation levels as investors also saw the potential for political pressure for lower rates before the March local elections, Reuters reports.
The sudden bout of volatility that gripped the markets this year has been far reaching, touching all corners of the globe and ETF markets. Among the worst performing non-leveraged ETFs of the year, the ...
The iShares MSCI Turkey ETF (TUR) has been one of this year's most controversial and volatile single-country emerging markets exchange traded funds. “The country’s fifth-largest lender by assets, Akbank, has launched a deeply discounted rights issue to shore up its balance sheet,” reports Reuters. Akbank is TUR's fourth-largest holding at a weight of 7.40%.
The Turkish Lira is recovering from its steep fall this year after the government recently announced a program to combat inflation and release of American pastor, putting TUR in focus.