Equities
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Turkish Financials: Latest Results & Outlook

Turkish banks have outperformed its EM peers on a ytd basis (see the chart below), as MSCI EM Financials index took a huge hit in the first two weeks of this year arising out of a massive sell-out in Chinese markets. Excluding that timeframe, the…

Macro View
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Turkey: February Job Report

Good News or Bad News Labor market data for February 2016 was released early this week. The unemployment rate was down 20 basis points on monthly basis to 10.9% according to the official figures. The employment rate also saw a pick-up and stood at 45.3%…

Macro View
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Turkey: End of the Benign Cycle in Inflation?

The results of Turkish central bank’s survey of expectations released which showed that participants were expecting to see monthly reading of 0.65% in May inflation. Having said that, the year-end CPI growth is now projected at 7.80%, 11 basis points lower when compared to the…

Macro View
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Turkish Banks: Differentiating Rapidly

At a time when some argue that Turkey is on a path to being more state-sponsored economy owing to the Treasury guaranteeing large scale projects, the performance comparison of public and private banks gains importance. Thus, we aim to compare both groups in terms of…

Macro View
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Turkey Industrial Production: Particularly Strong

The industrial production data released by Turkish Stats Office yesterday highlighted that the economic activity in March was particularly strong in March. The IP index was up by 2.6% y/y despite the reading was 40 bps lower compared to the linked month. The sub-index of…

Macro View
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Turkey: Outlook Revised to Stable at S&P

Standard & Poor’s revised its outlook Turkey to stable from negative and affirmed its BB+ FC and BBB- LC sovereign credit ratings after the close of the market on Friday. The action was a positive surprising as it came amid concerns around Turkey’s political outlook…

Macro View
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April Inflation: Slows to 3-Year Low

April inflation was another negative surprise and the drop was sharper than expected for the second month in succession. The reading of 0.78% dragged the annual rate down to 6.6%, primarily due to decreasing food prices. With that being said, it is worth to note…

Macro View
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Turkey: Any Room for Loan Growth?

Turkish central bank cut its overnight marginal funding rates by 75 basis points in the past two monetary policy meetings in an effort to simplify its interest rate structure as the volatility in global financial markets eases. The rate cuts came amid criticism by the…

Macro View
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Pakistan: An Attractive Frontier Market Pick in Asia

Macroeconomic Outlook After years of full of challenges, Pakistani economy is now out of the woods with high-single digit GDP growth rates projected for the upcoming two years. Even if the country still faces some significant political risks and has some vulnerabilities due to high…

Macro View
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March Inflation: Big Downside Surprise

Consumer Price Index inflation in Turkey surprised significantly on the downside in March on the back of falling food prices. According to the data released by the official statistics office annual inflation slowed to 7.5% y/y from 8.8% in February. On a m/m basis it…

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