Turkish "shock and awe" rate hike sends world stocks higher

|By:, SA News Editor

The Turkish lira has jumped against the dollar following the "shock and awe" rate hikes by the Central Bank of Turkey yesterday (CBRT), which has also sent global equities higher along with other emerging-market currencies.

Turkey's move follows similar action in India and Brazil; attention could now turn to South Africa's central bank, which is meeting today, although it's not expected to raise rates.

USD-TRY -1.1% to 2.2283 Turkish lira; USD-INR -0.55% to 62.423 Indian rupees.

Stocks: Japan +2.7%, Hong Kong +0.8%, China +0.6%, India +0.3%.

EU Stoxx 50 +0.6%, London +0.8%, Paris +0.7%, Frankfurt +0.9%, Madrid +0.9%, Milan +0.8%, Turkey (TUR) +0.8%.

U.S. stock futures: Dow +0.2%. S&P +0.4%. Nasdaq +0.4%