The iShares MSCI Turkey Investable Market Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Turkey Investable Market Index.
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Saturday, May 18, 11:33 AM
With Turkish stocks and, by extension, the Turkey ETF (TUR), trading just a shade below all time highs, it's worth looking at the country's fundamentals in the wake of Moody's investment grade blessing (I, II). From WSJ: Debt-to-GDP is just 36% (down 10% in the past three years alone), 2012's budget deficit was a comparatively meager 1.4%, and the country's reliance on foreign currency debt is limited to just 27%. Like the Philippines however, authorities are concerned about the potential for inflows of "hot money": "Investment grade can lead to excessive build up of risk and we may have to look into that," Finance Minister Mehmet Simsek says.
1 Comment[Global & FX]
Friday, May 17, 7:32 AM
Turkish stocks (TUR) hit record highs after the country receives it first investment grade rating from Moody's in two decades (previous). The move comes 6-months after Fitch blessed Ankara with an investment grade nod for the first time since 1994. Yields on the country's two-year bonds hit a record low 4.63% Friday on the news.
Comment![Global & FX]
Thursday, May 16, 3:26 PM
Turkey gets investment grade status from Moody's which upgrades one notch to Baa3 from Ba1, citing recent and expected improvements in key economic and public finance metrics, and progress on structural and institutional reforms which hopefully will cut the country's exposure to international shocks. TUR -1%.
Comment![Global & FX]
Wednesday, March 27, 3:57 PM
iShares' MSCI Turkey Index Fund (TUR +0.6%), which has had a stellar 12 month run but is off its January highs, gets a boost as S&P raises the country's sovereign rating to BB-plus citing an economy that "is rebalancing without undermining strong fiscal performance." Comment![Global & FX]
Tuesday, January 1, 11:20 AM
On the country ETF dashboard, green all around for 2012 with the exception of Brazil (EWZ -2.5%) and Argentina (ARGT -18.6%). Topping the list were Turkey (TUR +62.3%), Philippines (EPHE +46.6%), Thailand (THD +37.2%), Egypt (EGPT +34.2%) and Ireland (EIRL +32.1%).
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Monday, December 31, 2012, 11:51 AM
More details on iShares' ETF fee hikes: Going to 0.61% from 0.59% (a 3.4% hike) are its Chile Investable Market Fund (ECH), China Small Cap Fund (ECNS), Indonesia Investable Market Fund (EIDO), Israel Capped Investable Market Fund (EIS), Philippines Investable Market Fund (EPHE) , Poland Investable Market Fund (EPOL), All Peru Capped Fund (EPU), Taiwan Fund (EWT), South Korea Fund (EWY), Brazil Fund (EWZ), Brazil Small Cap Fund (EWZS), South Africa Fund (EZA), Thailand Investable Market Fund (THD) and Turkey Investable Market Fund (TUR).
2 Comments[Global & FX]
Monday, December 10, 2012, 1:20 PM
Emerging markets are hot, but just some of the smaller markets - Colombia (CXG), Philippines (EPHE), South Africa (EZA), Thailand (THD), Turkey (TUR) - are seeing ETF inflows which could be described as worrying. Among the larger markets, India (MSCI India +28% YTD) and China (MSCI China +14% in last quarter) aren't seeing this sort of interest.
2 Comments[Global & FX]
Wednesday, November 21, 2012, 9:27 AM
Moody's demurs on following Fitch's recent move to raise Turkey's rating to investment grade. "Challenges" remain, says Moody's, notably, short-term financing risks for a country with a balance of payments deficit - much of it structural - of more than 7% of GDP. TUR -0.5% premarket, +45% YTD.
Comment![Global & FX]
Wednesday, June 20, 2012, 2:13 AM
Moody's lifts Turkey's rating to Ba1 from Ba2 and maintains its positive outlook thanks to improvements in the country’s finances.
1 Comment[Global & FX]
Thursday, May 31, 2012, 12:59 PM
More on the fund manager survey: Money flowing out of Brazil is moving elsewhere in Latin America as fund managers are overweight Chile, Mexico, and Colombia. Also popular are Taiwan and India. Countries underweight: China, Thailand, Russia South Korea, and Turkey.
Comment![Global & FX]
Tuesday, March 13, 2012, 7:31 AM
The red-hot Turkey ETF (TUR), +21% YTD, is staring to draw investor attention, with volume exceeding 1M shares/day recently vs. a 3-month average of 290K. We could talk about ins and outs of the economy, but Turkish shares were hammered in 2011, and are getting a well-deserved bounce along with other risk assets in 2012.
Comment![Global & FX]
Thursday, February 23, 2012, 10:09 AM
After a 26.2% YTD gain in dollar terms, Turkish shares are downgraded to underweight at Morgan Stanley. Marianna Kozintseva says the ECB liquidity gusher and easing in China have been priced in, and the market is trading at a pricey level next to its EM peers. TUR -1.7%.
Comment![Global & FX]
Tuesday, February 21, 2012, 7:37 AM
Turkey's central bank lowers its benchmark lending rate 100 basis points to 11.5%, citing a "rebalancing between domestic and external demand," i.e. the current account deficit has stopped growing. TUR +27.3% YTD.
Comment![Global & FX]
Tuesday, January 3, 2012, 12:12 PM
Turkish CPI breaks double digits in December and hits 10.45% Y/Y, above forecasts and the highest rate in three years. The inflation will only increase fears of a hard landing, and strengthen criticsm that the central bank has been too sanguine about inflation and too reluctant to increase its central policy rate.
Comment![Global & FX]
Monday, December 12, 2011, 12:34 PM
Turkish Q3 GDP jumps 8.2%, smashing expectations for a 6.6% rise, and against a 8.8% increase in Q2. In response, central bank governor Erdem Basci calls inflation - running at 9.5% - the "number one problem" for the economy, but gives no indication he's ready to tighten further. TUR -4.3%.
Comment![Global & FX]
Wednesday, November 23, 2011, 9:49 AM
Affirming Turkey's BB credit rating, Fitch revises its outlook to "stable" from "positive." The agency cites the country's need to reduce its large current account deficit even as the macroeconomic environment surrounding it deteriorates. "The 2nd year in a row Fitch has changed Turkey's outlook on the day before Thanksgiving," notes the WSJ's Nate Becker.
1 Comment[Global & FX]