Economy

Demeter

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7. Lira Weakens as Turkish Yields Climb on Sixth Day of Protests JUNE 5

Mon Jun 10, 2013, 11:52 PM

Jun 2013

http://www.bloomberg.com/news/2013-06-05/lira-weakens-as-turkish-yields-climb-after-fifth-day-of-protests.html

The lira weakened and bond yields rose as anti-government demonstrations in Turkey continued for a sixth day. Shares slid, with Akbank TAS among the decliners as Bank of America Merrill Lynch cut the lender to underperform.

Markets swung to negative after a record rally in two-year bonds yesterday followed the biggest plunge a day earlier. Protesters accusing Prime Minister Recep Tayyip Erdogan of autocratic governance and citing grievances, including alleged police brutality and curbs on alcohol sales, clashed overnight with police, who responded with tear gas and water cannons in about 10 cities.

While statements from Erdogan’s administration helped ease market concerns yesterday, “protests against the government haven’t come to an end” and so “investors remain cautious,” Pinar Uslu, a private banking strategist at ING Bank in Istanbul, said in e-mailed comments today.

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