Turkey’s Record Stocks Signal Erdogan Referendum Win
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Investors are betting Prime Minister Recep Tayyip Erdogan will strengthen his hold on power at a nationwide referendum next week as stocks soar to a record high.
The benchmark ISE National-100 Index of stocks climbed 4.7 percent since Aug. 25, extending this year’s rally to 15 percent, the most among major European markets. The lira has strengthened 6.9 percent from this year’s low on June 7, while gains in bonds have cut two-year yields more than 16 percentage points to 8.11 percent from an all-time high in October 2008, according to an ABN Amro NV index.