Lira Expected to be Regional Under Performer for EM
Turkish stocks haven’t been this cheap since the 2009 recession. An attempted coup, the arrests of thousands of people, an imposed three-month state of emergency and a downgrade of its sovereign debt at S&P Global Ratings dragged the Borsa Istanbul 100 Index’s average valuation based on projected earnings down to the lowest level in more than seven years. The nation’s economic growth will probably slow to 3.5 percent this year from 4 percent in 2015, according to the median estimate of a Bloomberg survey. Bank of America Merrill Lynch Director of G10 FX Strategy Kamal Sharma discusses the Lira and the outlook for Emerging Markets with Bloomberg's Manus Cranny on "The Pulse."