The Prize: A (Not So) Epic (Cyclical) Quest…

TURKEY - Report 19 Nov 2014 by Murat Ucer
EXECUTIVE SUMMARYThis time, Turkey’s newfound fortune – or The Prize* -- is a collapsing oil price. Since the broad-based market sell-off of early October, Turkish markets rallied strongly. Exuberance has gained traction in recent days, with the markets already entertaining – or seriously debating -- a rate cut possibility from the CBRT/MPC in the next meeting or two.We cannot say that this trend won’t continue a while longer, since favorable investment stories are scarce while global liquidity is still abundant. Then again, we would advise caution, as the “oil down-Turkey up” view ignores ...

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