Turkey's stocks reach 3-week high

Turkey's stocks reached a 3-week high and government bonds advanced as the review of the country's credit was extended by Moody's Investors Services.

The Borsa Istanbul 100 Index gained 2.3 per cent, the most for all emerging markets, the five-year bonds gained for the first time in a week and the lira strengthened for the third straight day.

Moody's revealed they would extend the review to continue assented of the medium-term impact of the country's failed coup.

“No news is considered rather as good news in light of the boost major high-yielding currencies are getting. The markets are now deleting the chances of a deep growth scare in the U.S. economy. This is positive for emerging-market currencies, especially the high-yielders, such as the lira, "said Luis Costa, a London-based strategist at Citigroup.

EmergingMarketBanking

Read more at Bloomberg.