Stocks climb higher; Turkey, South Africa central bank decisions on tap

Most emerging markets stocks edged up on Thursday and currencies were steady in holiday-thinned trade, though investors geared up for monetary policy decisions from Turkey and South Africa.

Turkey’s lira TRYTOM=D3 was little changed at 28.82 against the dollar ahead of the local central bank’s interest rate decision where economists largely expect a 250 basis points raise to 37.5%. The decision is due at 1100 GMT.

“The one-week repo rate will likely peak around 40%,” said Bartosz Sawicki, market analyst at Conotoxia fintech.

“The Turkish central bank might opt to reduce the pace of rate hikes as the annual inflation rate inched lower in October and external price pressure dynamics have turned a tad more favorable.”

Source: CNBC