After last month’s surprise rate cut and last week’s sacking of three MPC members, the CBRT has doubled down on its accommodative shift with a 200bps rate cut today. This compares to the Bloomberg consensus of 100bps, with many forecasters projecting...

It is MPC day and all else is irrelevant. Lira strengthened a bit yesterday, creating market rumors of a no “change” in rates, but it was mostly caused by the move in DXY in our view. A no change would be a positive for the Lira and it could quickly ...

Structural deficiencies of presidential system persist with regards to democracy. Deterioration in freedom of expression, crackdown on opposition continue. Turkey seen well advanced in economic criteria notwithstanding concerns on its functioning. EC...

Turkish equities performed strongly led by banks. Despite expectations of a strong 3Q, recent Lira weakness and 250 bps rise in interest rates is not only hitting CAR (50-70bps combined impact for the private banks under our coverage) creating future...

Lira volatility is at its highest since March and it touched its lowest level (9.375) against USD and this is affecting the portfolio shifts at Turkish equities, out from banks into industrials. Food retailers would normally be a choice of rotation b...