According to Reuters media agency, emerging stocks surged on Wednesday, tracking gains on Western markets for their biggest daily rise in eight weeks, though currencies broadly fell, with the Turkish lira slipping from two-week highs.
MSCI’s emerging market index jumped 1.6 percent to a one-week high, with Asian and European bourses booking solid gains and Russian dollar-stocks up more than 2 percent.
The media agency added that Upbeat U.S. home sales, coming on the heels of a raft of positive data, reinforced investors’ positive view on the health of the world’s largest economy, driving U.S. equities sharply higher overnight and pushing oil prices close to $50 per barrel.
But Turkish assets got a reality check after sharp gains following the unveiling of a new cabinet by Prime Minister Binali Yildirim. This confirmed key members of the economic management team including Deputy Prime Minister Mehmet Simsek, favoured by foreign investors as a reformer.