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Foreign Ownership in Turkish Stocks Rose Sharply Ahead of S&P Ratings Upgrade

TURKEY
  • Foreigners’ inflows into Turkish stocks accelerated just before S&P’s credit rating increase on Friday, Ekonomi report, with the share of foreign investors in the Istanbul Stock Exchange reaching close to 40% at the end of last Friday, compared to around 37.5% the Monday prior. As a reminder, the Republic of Turkey’s long-term foreign currency debt rating was upgraded by S&P to B+ from B after hours on Friday. The outlook remains positive.
  • “We carry out our monetary, fiscal and income policies and program in harmony and with determination in order to achieve our goals in the economy,” President Erdogan posted on social media. “Our aim is not to postpone the problem with temporary reliefs or to lean towards populism, but to ensure a permanent increase in welfare.”
  • There are no data releases scheduled for today. Industrial production and unemployment rate data will cross on Friday.

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