"Turkish stocks fared much worse
...The Turkish central bank (TCMB) was another EMEA bank to keep its policy unchanged, at 6.25%. However, the statement released in connection with the rate announcement was quite dovish and no signs of any potential near-term rate hikes were visible. On the contrary, TCMB indicated that given the negative impact on risk appetite emanating from the slowing global activity levels and euro area debt worries, a gradual narrowing of the interest rate corridor – which effectively translates into rate cuts – could be engaged in if these negative conditions are prolonged or worse yet begin to cause Turkish domestic activity levels to contract. The TCBM continues to expect the external imbalances to begin improving in the final quarter of the current year and inflation is expected to be somewhat curbed by the economic slowdown."
More:Turkish stocks fared much worse
