It was last Friday when Standard and Poor’s cut Turkey’s outlook to negative with affirming its notch at BB+ one step sohrt of the investment grade. The credit rating agency also saw risks of a hard landing. Today we have the yearend number industrial output number suggesting that growth continues at moderate pace. Seasonally and working day adjusted industrial output grew by 6.9% on yearly basis.

The correlation has been 97.8% between industrial output and...