Global markets are pricing the result of Referendum in Turkey

Yesterday the constitutional amendment which contains 18 articles was adopted in the public opinion and approved by electors, according to unofficial results. The referendum participation rate is 85 %, while the latest figures show that 51.3 %of those who say "yes" to the constitution and 48.7 % of those who say "no". The Supreme Board of Elections will announce the certain figures today with the opening of the all ballot boxes. With the passage of the constitutional amendment and the uncertainty lagging behind, Turkish Lira denominated assets started to be positive today. This positive atmosphere in Turkish economy may be strenghten after announcing the certain results of referendum.

When we look at the USD/TL parity, the investors preferred looking positive to the developments of referendum at the last weeks. As the constitutional package was accepted by the people, the Turkish Lira was valued as expected and started with a gain of 2.5 % over the day. The low level of trades so far has been around 3.62, but below this level 3,58 may be the target.

Finally, let's look at the latest data from Chinese market. China's first-quarter growth rate was 6.8 % in line with the average analyst expectations. Another important Chinese data announced on April 16 was industrial production. Industrial production data was released at 6.3 % on an annual basis.