Turkish stocks smashed on downed Russian plane - BBH

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Analysts at Brown Brothers Harriman noted that Turkish stocks suffered their biggest decline in three months, and the Turkish lira was among the weakest of the emerging market currencies following news that it had downed a Russian plane.

    Key Quotes:

    "The dispute is whether the plane was over Syrian or Turkish territory. Recently Turkey had shot down a drone. The domestic situation in Turkey is in flux. The announcement of a new cabinet is awaited. The central bank meets today but is not expected to change policy.

    Separately, Turkey is negotiating with EU on handling the refugee/migrant issue. The EU is seeking tighter border controls and for Turkey to give worker visas to the estimated two million Syrians already in the country. Turkey wants the EU to unlock about 3 bln euros in aid and re-open accession negotiations. There is an EU-Turkey summit next week. "
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