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Turkey angry at S&P for lowering rating outlook - Yahoo! News
S&P explained Wednesday several structural weaknesses continue to put pressure on Turkey.
"Its economy is fairly closed, with exports accounting for a small share of GDP (about 24 percent in 2011)," S&P said in a statement. It noted the current account deficit is large and highly dependent on short-term financing from outside Turkey.
As a result, Turkey is particularly vulnerable to sudden financial account outflows and refinancing risks, S&P warned.
Turkey forecasts GDP growth will slow to between 2 percent and 2.5 percent in 2012. The International Monetary Fund, meanwhile, has cautioned against rising inflation.
Turkey's statistics institute said Thursday that consumer prices rose 11.1 percent in the year to April, while producer prices grew 7.65 percent.
Cry more and who cares if you say you don't recognize them, the rest of the world DOES!!! Your downgrade was more than JUSTIFIED! When you grow an economy through government spending, built on foreign loans and get your people hooked on entitlements that you can't afford, your headed for a disaster!
It will be nice to see that downgrade go even lower!
Turkey angry at S&P for lowering rating outlook - Yahoo! News
S&P explained Wednesday several structural weaknesses continue to put pressure on Turkey.
"Its economy is fairly closed, with exports accounting for a small share of GDP (about 24 percent in 2011)," S&P said in a statement. It noted the current account deficit is large and highly dependent on short-term financing from outside Turkey.
As a result, Turkey is particularly vulnerable to sudden financial account outflows and refinancing risks, S&P warned.
Turkey forecasts GDP growth will slow to between 2 percent and 2.5 percent in 2012. The International Monetary Fund, meanwhile, has cautioned against rising inflation.
Turkey's statistics institute said Thursday that consumer prices rose 11.1 percent in the year to April, while producer prices grew 7.65 percent.
Cry more and who cares if you say you don't recognize them, the rest of the world DOES!!! Your downgrade was more than JUSTIFIED! When you grow an economy through government spending, built on foreign loans and get your people hooked on entitlements that you can't afford, your headed for a disaster!
It will be nice to see that downgrade go even lower!
Turkey angry at S&P for lowering rating outlook - Yahoo! News
S&P explained Wednesday several structural weaknesses continue to put pressure on Turkey.
"Its economy is fairly closed, with exports accounting for a small share of GDP (about 24 percent in 2011)," S&P said in a statement. It noted the current account deficit is large and highly dependent on short-term financing from outside Turkey.
As a result, Turkey is particularly vulnerable to sudden financial account outflows and refinancing risks, S&P warned.
Turkey forecasts GDP growth will slow to between 2 percent and 2.5 percent in 2012. The International Monetary Fund, meanwhile, has cautioned against rising inflation.
Turkey's statistics institute said Thursday that consumer prices rose 11.1 percent in the year to April, while producer prices grew 7.65 percent.
Why the gloating?
Cry more and who cares if you say you don't recognize them, the rest of the world DOES!!! Your downgrade was more than JUSTIFIED! When you grow an economy through government spending, built on foreign loans and get your people hooked on entitlements that you can't afford, your headed for a disaster!
It will be nice to see that downgrade go even lower!
Why the gloating?
Because the world is seeing the Turkey for the Turkey! Because I am sick and tired of the Turkey Hypocrisy. The preach against Israel, America and the West, yet, they VIOLENTLY and unjustifiably suppress the Kurds, they unjustifably invaded Kurdistan (the safest place in the Middle East, North Africa and Muslim Asia for women, Christians and Westerns), they UNJUSTIABLY STILL OCCUPY Cyrus, they unjustifiably BLOCKADED Armenia for decades and they STILL deny the Armenian Holocaust!
Cry more and who cares if you say you don't recognize them, the rest of the world DOES!!! Your downgrade was more than JUSTIFIED! When you grow an economy through government spending, built on foreign loans and get your people hooked on entitlements that you can't afford, your headed for a disaster!
It will be nice to see that downgrade go even lower!
Turkey angry at S&P for lowering rating outlook - Yahoo! News
S&P explained Wednesday several structural weaknesses continue to put pressure on Turkey.
"Its economy is fairly closed, with exports accounting for a small share of GDP (about 24 percent in 2011)," S&P said in a statement. It noted the current account deficit is large and highly dependent on short-term financing from outside Turkey.
As a result, Turkey is particularly vulnerable to sudden financial account outflows and refinancing risks, S&P warned.
Turkey forecasts GDP growth will slow to between 2 percent and 2.5 percent in 2012. The International Monetary Fund, meanwhile, has cautioned against rising inflation.
Turkey's statistics institute said Thursday that consumer prices rose 11.1 percent in the year to April, while producer prices grew 7.65 percent.
Why the gloating?
Cry more and who cares if you say you don't recognize them, the rest of the world DOES!!! Your downgrade was more than JUSTIFIED! When you grow an economy through government spending, built on foreign loans and get your people hooked on entitlements that you can't afford, your headed for a disaster!
It will be nice to see that downgrade go even lower!
Why the gloating?
Because the world is seeing the Turkey for the Turkey! Because I am sick and tired of the Turkey Hypocrisy. The preach against Israel, America and the West, yet, they VIOLENTLY and unjustifiably suppress the Kurds, they unjustifably invaded Kurdistan (the safest place in the Middle East, North Africa and Muslim Asia for women, Christians and Westerns), they UNJUSTIABLY STILL OCCUPY Cyrus, they unjustifiably BLOCKADED Armenia for decades and they STILL deny the Armenian Holocaust!
Why the gloating?
Because the world is seeing the Turkey for the Turkey! Because I am sick and tired of the Turkey Hypocrisy. The preach against Israel, America and the West, yet, they VIOLENTLY and unjustifiably suppress the Kurds, they unjustifably invaded Kurdistan (the safest place in the Middle East, North Africa and Muslim Asia for women, Christians and Westerns), they UNJUSTIABLY STILL OCCUPY Cyrus, they unjustifiably BLOCKADED Armenia for decades and they STILL deny the Armenian Holocaust!
All pretty much true, but for me still no reason to gloat over Turkey's many economic challenges. I wish Turkeu got some leaders who would drag the country into modern times.
All three major U.S. indexes fell roughly 2% Thursday as investors fled the market on fears of slowing global growth and rumors of an imminent downgrade of all banks by Moody's. Analysts at Goldman Sachs compounded fears when they sounded alarm bells over the health of the stock market late Thursday morning. In a report, analysts told investors to short, or sell, the S&P 500 until it falls at least 5% below current levels. Adding to investors' fears, an audit of Spanish banks showed that the government plans to request up to €62 billion of aid for the ailing nation's banks. All these factors created a perfect storm to prompt a sharp sell-off. "Traders and investors are really spooked today," said Sal Arnuk, co-head of equity trading at Themis Trading.
Still, Arnuk cautioned that trading volume remained light, which can cause some wild gyrations. The Dow Jones industrial average lost 252 points, or 2%. The S&P 500 fell 30 points, or 2.2%. The Nasdaq slipped 71 points or 2.4%. Commodity prices fell even more precipitously than the stock market, with gold, copper and oil dropping more than 2%. Oil prices continued to hit new lows, falling below $80 a barrel for the first time since early October. Silver fell more than 5%. Commodity-related stocks took a big hit, with shares of Exxon Mobil, Chevron and Alcoa among the Dow's biggest decliners.
Bank stocks also sold off sharply, with Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase all dropping more than 2%. Morgan Stanley, the bank subject to the largest possible downgrade, fell less than its peers by 1.7%. Early Thursday, a report showed Chinese manufacturing fell to a seven-month low -- a sign that factories there are being hit by sluggish demand, according to a preliminary reading of the HSBC Manufacturing Purchasing Managers' Index. Meanwhile, Europe's PMI index for June remained near a three-year low, as manufacturing output in Germany -- the most important European economy -- fell at the fastest rate in three years. It was the second straight month of decline.
Investors were already in a down mood heading into the trading day, disappointed that Federal Reserve didn't take more action at the end of its two-day meeting Wednesday. "People are coming to the realization that the Fed is pretty much a sideshow to what the European Central Bank does," said Dan Greenhaus, head equity strategist at BTIG. "The Fed has become a slave to events rather than the dictator." U.S. stocks closed mixed Wednesday following the Fed's announcement. CNNMoney's own Fear and Greed index shows investors are less fearful, although still in fear territory. The index had been in extreme fear territory until last week.
World markets:
The credit ratings agency Moody's has downgraded 15 global banks and financial institutions. The UK banks downgraded were Royal Bank of Scotland, Barclays and HSBC. Lloyds also had its rating cut by Moody's in a separate announcement. In the US, Bank of America and Citigroup were among those marked down. BBC business editor Robert Peston said that banks were concerned as the downgrades may make it harder for them to borrow money commercially.
However, John Raymond, senior banking analyst at research firm Credit Sights, questioned whether this would be the case, adding that there should be little impact on bank customers. "The downgrades from Moody's have been expected for some time, and therefore had already been factored in," he told the BBC. "So I don't think Moody's move will mean the banks end up having to increase the interest rates or charges that their customers face."
Explaining the decision for the downgrade, Moody's global banking managing director Greg Bauer highlighted the banks' exposure to volatility in the world's financial markets. He said that all of the banks affected by the downgrades had "significant exposure to the volatility and risk of outsized losses". The other institutions that have been downgraded are Goldman Sachs, Morgan Stanley, JP Morgan Chase, Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank and Royal Bank of Canada.
Moody's added that it was putting some of the banks on a negative outlook, which is a warning that they could be downgraded again in the future. Explaining this, it said governments around the world had shown a "clear intent" to reduce their support for banks going forward. In Friday trading, shares in Royal Bank of Scotland (RBS) were up 0.8%, HSBC had gained 0.6%, and Barclays had risen 0.5%. Lloyds was 1.6% higher. In France and Germany, Societe Generale was up 2.1%, while shares in Deutsche Bank were flat.
'Disagrees' http://www.bbc.co.uk/news/world-18542691
