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Turkish stock exchange closed up 3.3 percent, while lira rose more than 2 percent against dollar. Dollar fell below 1.24 YTL level. On Monday lira fell 4 percent and the stocks closed down 7.45 percent.
The chilling effects of the weekend's fire sale of Bear Stearns (BSC) spread into emerging markets Monday as investors wary of unsustainable debt punished stocks and pummeled currencies. Turkish assets were among the hardest hit as the chief prosecutor’s lawsuit against the ruling AKP demanding its closure added to global woes.
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Markets doesn’t think even that rate cut would solve the problem, Erdal Saglam, columnist at Hurriyet, said. “Because everybody is aware that you can’t handle the global crisis with rate cuts”, he added.
Meanwhile Merrill Lynch cut its outlook on
LEHMAN’S RESULTS
Lehman Brothers said profit fell 57 percent, less than analysts estimated, a day after the fourth-largest
First-quarter net income declined to $489 million, or 81 cents a share, from $1.15 billion, or $1.96, a year earlier, the New York-based firm said in statement today. Earnings were depressed by a $1.8 billion writedown caused by the slump in the mortgage market.
The reduction in asset valuation pushed fixed-income revenue 88 percent lower, to $262 million. Other business grew. Equities revenue rose 6 percent to $1.4 billion. Merger advisory fees climbed 34 percent to $330 million and investment-management revenue jumped 39 percent to $968 million.