Turkish financial markets benefit from easing tension in Syrian conflict

FRANKFURT (dpa-AFX) – Hopes of a de-escalation of the situation in northern Syria and the associated tensions between Turkey and the United States drove the Turkish stock market on Friday. The Borsa Istanbul 100 index followed in the morning with an over three and a half percent to 98,315.44 points from its moderate recovery the previous day.

For the current week, however, there is still one downside to book after a significant drop, especially at the start of the week. Investors feared the negative economic consequences of US sanctions due to the Turkish offensive in northern Syria. The penalties were not as severe as feared. And: they could even be lifted in the event of a permanent ceasefire, as US Vice President Mike Pence said in Ankara on Thursday.

The easing was not only felt in the stock market. The Turkish lira rose almost one percent against the US dollar and risk premiums fell in the bond market. Turkey’s cost of defaults insurance has also fallen.

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