TRY tumbles as Turkey fire up......>

EMERGING MARKETS: TRY tumbles as Turkey fire up missile system

-The Turkish currency is underperforming broader EMFX space early Monday, as the

country's decision to fire up a test phase of the Russian S-400 missile system

could further worsen the relationship with the US. The missile system, at the

centre of recent sanctions threat from US, will begin radar testing, raising the

risk that US will impose pre-approved sanctions on Turkey. USD/TRY rallied on

the news and briefly showed north of 5.75. The 50-dma to the upside acts as

first resistance, currently sitting at 5.7541.

-ILS trades well ahead of the Israeli central bank rate decision. The Bank are

seen trimming rates by 15bps to 0.1%, but analysts remain relatively split, with

a decent number seeing no change today.

-Final Mexican GDP numbers and Brazilian consumer confidence are the only

material releases Monday in what's likely to be a quiet holiday-thinned week.