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Turkish Markets while you were asleep (09/07/2011)

|Includes: TKC, TKF, iShares MSCI Turkey ETF (TUR)

The market is up 1.12% in this morning's first trading session, driven by holdings (+1.9), tech (2.9%), and transportation (+2.3%). 

ING upgrades Turkish banks (following DB's upgrade earlier this week). This leaved ML as the only global I-bank that has a subdued view on the Turkish market. They put the probability of a recession in Turkey at 50%.

UK based Vallares (VLRS.L) which recently raised over £1bn, closes its deal to purchase a 50% stake in Genel Enerji at $2.1bn (thru new share issuance). Note that Mehmet Emin Karamehmet, the controlling shareholder of Turkcell (NYSE:TKC), has a significant share in the company.

Turkish Statistics Institute numbers show that construction permits in H1 2011 are down by 17.2% compared to the first six months of 2010  

Turkish Statistics Institute numbers show that industrial employment is up 2.1% q-o-q, hours worked is up 2.4% q-o-q and gross wages are up 4.8 q-o-q