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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EMERGING MARKETS
- Turkey's XU100 index has overtaken peers SA & Russia in August with an impressive +4.82% gain so far, appreciating broadly in line with a firmer TRY post-CBRT. The index rejected a bearish death cross pattern mid-August and has held above the 200dma since.
- The index is currently testing the 14 June highs at 1,468.95 with an eye on 1,508.90 resistance to the topside. However, monetary policy risks remain elevated at the next CBRT meeting which could derail TRY asset positivity with rising inflation forcing the CBRT to potentially tighten policy against Erdogan's wishes.
- YTD Turkey's XU100 trades -0.74% (P/E 7.99x, P/B 1.08), SA's Top40 +12.69% (P/E 13.19x, P/B 2.15x) & Russia's MOEX +13.46% (P/E 9.35x, P/B 1.46x) – EM MSCI P/E 15.90x & P/B 1.81x.
- Russia's MOEX has risen +4.52% in August, pulling back from a YTD high of +15% as oil prices fell sharply last week, but maintains its bullish tone as the oil complex regains its footing.
- SA's Top40 index has fallen by the wayside in August on the back of the Prosus-Naspers share-swap which caused the JSE to close temporarily before dropping precipitously after trading reopened – with miners feeling the brunt of the collapse.
- Notable pressure on commodities from signs of weakness in china data and a firmer greenback have also kept SA's miners on the backfoot in August, adding to the Top40's woes.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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