Turkey’s lira weakened for a third day, while bonds and stocks fell, as Moody’s Investors Service lowered the nation’s credit-rating outlook to negative 11 months after upgrading the debt to investment grade.
Pacific Investment Management Co., the world’s biggest bond manager, sees opportunities in Russia after investors sold out of the country during the standoff with Europe and the U.S. over Crimea. It’s throwing in the towel on Turkey.
Turkey isn’t politically fit to join the European Union and shouldn’t become a member, the lead candidate of Chancellor Angela Merkel’s Christian Democratic Union for European Parliament elections said.
Turkish central bank Governor Erdem Basci indicated to analysts in London on April 3 that he planned to keep monetary policy tight to control inflation. Less than a week later, after the country’s premier weighed in on the matter, he was sending out different signals.
Turkish equities may recover losses suffered after a graft probe rattled markets, as investors bet that the ruling party’s election win and a strengthening currency mean the worst of the recent turmoil is over.
Turkey rounded up a group of police on suspicion they illegally eavesdropped on the government as Prime Minister Recep Tayyip Erdogan, buoyed by a strong show of support in local elections, vowed to retaliate against “traitors” probing allegations of state corruption.
Turkish Prime Minister Recep Tayyip Erdogan has been embroiled in a corruption scandal that helped send the country’s currency to an all-time low. It hasn’t discouraged foreign oil companies eyeing the country’s shale gas reserves.