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Turkey's tactical involvement

Weekly investor research

27 July 2015

Tensions on Turkey’s southern border reflect broader shifts in the geopolitical situation in the Middle East, but Turkey is unlikely to get deeply embroiled in the fight against ISIS, in our view. China took further steps to move the reform process forward as the percentage of suspended stocks in the A share market returns to near-normal. The Brazilian government eases its fiscal targets – the remaining risks are now a ratings downgrade and impeachment of President Dilma Rousseff. Venezuela finds another source of Dollars amidst dwindling reserves, while Colombia’s external balances show signs of improvement. South Korea passes a supplementary budget and takes further steps to stabilise domestic debt. Approval of a Malaria vaccine moves closer with potentially major positive implications for growth in most African countries. In the global backdrop, we note that American-style ‘Dutch Disease’ is now showing up in US earnings.

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