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    Turkish assets calmer after global central banks' interest rate cuts

    HotNewsTurkey Staff
    09.10.2008 - 12:39 | Son Güncelleme:

    Turkish stocks slightly increased and the lira gained more than 3 percent on Thursday as calm returned to the markets a day after coordinated global interest rate cuts. (UPDATED)

    The benchmark Istanbul Stock Exchange (ISE) stocks increased 0.34 percent and closed below 31.000 points after trading nearly 2 percent up during afternoon trade.

    The lira, supported by the central bank's statement, gained almost 3 percent against the dollar at the 1.38 levels. The U.S. dollar opened Thursday trading over the 1.40 YTL level.

    The lira had lost more than 10 percent against the dollar as the global credit crunch continued to hit markets.

    The bank said it would resume the forex depot market that closed in December 2002, in which it was the financial intermediary and regulator, in order to maintain confidence in the system and sustain foreign currency liquidity in the market.

    The yield on the government's April 14, 2010 benchmark, which dipped below the critical 20 percent level, rose to 20.31 percent  in afternoon trade.

    Thursday's relative calm followed an unprecedented display of international coordination on Wednesday when the U.S. Federal Reserve and central banks from Europe, Canada and China executed emergency rate cuts in the face of amid plunging global equity markets and the worst financial crisis in some 80 years.

    GLOBAL STOCKS UP
    European markets on Thursday also recovered some of Wednesday's hefty losses after a relatively steady performance in Asia overnight.

    By mid-morning, Germany's DAX was 2.7 percent higher, while France's CAC-40 was up 3.2 percent. The FTSE 100 index of leading British shares was also 3.1 percent higher.

    Asian markets were mixed overnight as investor enthusiasm over Wednesday's rate cuts around the world was tempered by ongoing fears about the strains in the credit markets and the prospect of a deep global recession, which would hit Asian exporters hard.

    Tokyo's benchmark Nikkei 225 index rose more than 1 percent but fell back to close down 0.5 percent to 9,157.49, a five-year low. That followed a 9.4 percent plunge Wednesday, its biggest one-day drop since the 1987 market crash.

     

     

     

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