Financial Markets… Turkey’s central bank intervened directly in foreign exchange markets on Thursday for the first time since 2012, selling U.S. dollars to support the lira. The move came after the lira fell to a fresh low of TL2.2931 against the dollar. Mid-morning the lira was trading at TL2.2660 to the dollar, down 0.24% from the previous day.
Global GDP growth is projected to firm from 2.4% in 2013 to 3.2% this year, stabilizing at 3.4% and 3.5% in 2015 and 2016, respectively, with much of the initial acceleration reflecting stronger growth in high-income economies.
Financial Markets… Developing-country stocks gained for the first time this year amid signs of improving global growth prospects, but Turkish stocks extended their slumps on lingering political unrest. The benchmark MSCI Emerging Market Index advanced 0.3% on Wednesday, its first gain since December 31, as investor sentiment was benefiting from encouraging economic reports out of the U.S. and Europe yesterday. The gauge declined 3% in the first four trading sessions of 2014, extending a 5% loss accumulated in 2013.