Economics
Tanking Turkish Output May Be Best Friend to Bond Rally
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Evidence is building that Turkey’s economic slowdown is getting worse, pressuring the central bank to cut interest rates amid emerging markets’ top bond rally.
Industrial production unexpectedly fell in November, dropping 0.15 percent following a 1.8 percent decline the previous month, the state statistics office said yesterday in Ankara. The data suggest the economy may have contracted in the fourth quarter, according to William Jackson, an emerging-markets economist at Capital Economics Ltd.