Turkey, Brazil and Russia equity markets were competing for the same investors' dollars for a long time since at least the end of 2008 crisis as they have similar returns and types & magnitudes of risks.
Now with political instability after the coup Turkey investors will decrease limits on Turkey. Turkey BIST 100 index down 8% since the coup is short term confirmation for this idea.
Where would these money go? They are allocated to EM and hardly would be reallocated to DM. My idea is that Russia and Brazil would be the beneficiaries based on the above mentioned competition.
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