Türkeifonds - Türkei 75 Plus

Market comment

Turkish equities started the day range-bound and moved higher along with the European markets after the upbeat US economic data during the afternoon session. The surge in stocks secured the benchmark index level above the 60k mark with a 1.2% daily gain. Today, ISE is expected to open flat with a slightly positive bias as US stocks finished strong overnight and reinforced optimism in equity markets globally.

Politics

Anonymous sources reported to the newspaper Hurriyet that Washington sent a message to the Turkish military that its aircraft will only partake in the maneuver held annually between the US, Israel, and Turkey if Israel Air Force is also asked to join

Economy

Turkish Exporters' Assembly (TIM) announced August exports at US$8.6bn, which is 11.44% higher in YoY terms. Thus, in the January-August period exports totalled to US$72.9bn; up by 12.95%

Speaking at the Second International Conference on Economics in TRNC, Finance Minister Simsek said Turkey's economy was recovering from the global crisis with a higher than expected pace and was likely to record GDP growth of at least 5.5%; close to 10% in 2Q10

News in brief

Turkish Airlines is looking into strategic partnership opportunities in Russia and Tanzania as well.

Minister of Transportation said they have come to an agreement with the military regarding the 800k sqm land next to Istanbul Ataturk Airport