Emre Balkeser News
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Falling oil prices are giving Turkey’s central bank scope for deeper interest-rate reductions, paving the way for the nation’s bond yields to reach new lows, according to the country’s biggest bank.
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Turkish stocks climbed for a second day and bond yields fell on speculation the central bank will cut its main interest rate again this month.
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Turkish central bank Governor Erdem Basci’s policy of defending the lira by limiting money supply to banks may sacrifice the government’s success in reducing borrowing costs.
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The Turkish lira depreciated to the weakest level in more than two weeks against the euro as the common currency advanced on expectations that the winning party in Italian elections will maintain austerity measures.
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The lira climbed to its strongest level in more than eight months and bond yields dropped as traders said speculation was building that Turkey will receive a second investment-grade rating.
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The lira appreciated to its highest level in almost three weeks on expectations that Slovakia’s parliament will approve euro region’s bailout fund, supporting emerging market assets.
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Turkey bonds recouped all of their losses incurred after Syria shot down a Turkish warplane four days ago and the lira strengthened as the government said it would prefer diplomacy to war, reducing risk aversion.
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Turkish yields rose to a two-year high and the lira weakened as inflation in Istanbul accelerated the most in a year and Greece’s plan to hold a referendum on its bailout prompted investors to sell riskier assets.
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Turkish bond yields fell to the lowest level in almost three months after inflation slowed faster than economists expected in May.
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The lira weakened for the first time in four days as investors avoided risky assets before a gathering of European leaders to secure a deal over the Greek debt writeoff.
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