Turkish markets down at close of day

Private sector employment report suggests Fed rate hikes may be closer than thought, and Turkish stocks retreat cautiously

ANKARA (AA) – The BIST 100 slipped slightly on Wednesday after positive private employment data from the U.S. economy bolstered anticipation of interest rate hikes there.

The Borsa Istanbul was down 0.2 percent to 75,967.63 points, though it had risen to 76,517.81 before the ADP payroll firm employment data was announced – seen as a precursor to non-farm payroll data – coming in better than expected.

The Turkish lira on the other hand appreciated in the wake of the positive foreign trade deficit figures, as the state Turkish Statistical Institute or TurkStat showed the deficit has shrunk 32.5 percent, hitting $4.79 billion.

The U.S. dollar / Turkish lira rate was down 0.11 percent to 2.9596, ignoring positive ADP employment data which may further strengthen the case for a U.S. Federal Reserve rate hike as soon as September.

Kaynak:

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