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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.
TURKEY
- Since the start of October, the XU100 index has risen +31.89% - driven higher by rate cuts and ultra-dovish guidance from Erdogan on the rates trajectory.
- Markets are anticipating another rate cut in December with Erdogan pressing his preference for single digit rates all the way into 2023 elections.
- From a valuation standpoint the index trades off a 7.62x P/E & 1.28x P/B, which still ranks as very cheap vs the MSCI EM index at 13.72x P/E & 1.79x P/B.
- Price action has now decisively moved through the 1,800 handle and continues to trade in overbought territory with the index up almost 3% today.
- Key Support stands at 1,672 (38.3% Fib) followed by the 1614-1589 zone. Next major resistance comes in around the 2,000 level.
XU100 & 1-Wk Repo
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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