Commerzbank Won Over by Turkish Deficit Drop as Oil Drops
This article is for subscribers only.
Turkey’s narrowing balance-of-payments shortfall is winning fans from London to Istanbul amid lower oil prices and slower credit growth.
The nation’s fixed-income assets were upgraded to overweight from marketweight yesterday by Commerzbank AG, which cited Turkey’s improving current-account balance and inflation outlook. The deficit shrank to $2.6 billion in September, what would be the lowest since August 2013, according to the median estimate in a Bloomberg survey before the data is published in two days.