Investors are nervously awaiting the outcome of Turkey’s tight presidential race Monday, sending stocks falling and the value of its currency down to a new record low against the US dollar. Turkey’s benchmark BIST-100 index sank as much as 6.4% in pre-market trade after President Recep Tayyip Erdoğan appeared to be heading for a run-off on May 28 against his main opponent, Kemal Kilicdaroglu.
The uncertainty has investors in Turkish government bonds worrying about the country’s ability to pay them back. The cost of buying insurance against the risk of default by the government — known as a credit default swap — surged 22% in morning trade to its highest level since November, according to data from S&P Global Market Intelligence.
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