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Dollar Debt Will Be Elusive to Turkey as U.S. Sanctions Bite

The summer holiday in the bond market may be a long one for Turkey. New dollar issuance, including government and corporate-sector bonds, has dried up, with no sales recorded since April, according to data compiled by Bloomberg. And with corporate-bond losses among the worst in emerging markets amid a plunge in the lira, the dollar-debt market may be shut for some time to come. Quiet Summer Turkish bond sales have dried up since April as uncertainties deterred issuers

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Turkey Crisis Deepens as Sanctions Threat Sends Lira to New Low

Turkey’s lira sank to a record low and bonds tumbled as heightened concern over a respond in kind to U.S. sanctions over a detained American pastor. The iShares MSCI Turkey exchange-traded fund plunged 7.5 percent — the lowest level since 2009. As the currency tumbled, Turkish policymakers changed Turkey Changes Reserve Rules to Boost Banks’ Dollar Liquidity “The real issue is the economic situation and there are no signs of central bank independence or tighter fiscal policies — which are needed to stabilize asset prices,” said Shamaila Khan, AllianceBernstein’s director…

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The Hedge Fund Summer Reading List

It’s that time of year again: summer reading season. While for many that means books for the beach, some emerging-market fund managers are yearning for titles that shed light on buying opportunities in Asia as well as the human psychology behind investing decisions. Asha Mehta, who oversees emerging markets at Acadian Asset Management in Boston, said she’s eager to crack Evan Osnos’s "Easternization: Asia’s Rise and America’s Decline From Obama to Trump and Beyond," which looks at how the rising wealth of Asian nations is shifting the balance of power…

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From Bitcoin to Belize, Here Are Best and Worst Assets of 2017

It was a great year to hold bitcoin, but a bad time to have been invested in the Uzbek soum. As 2017 winds to a close, a look at the winners and losers around the globe shows that, broadly speaking, the riskiest assets performed well, with bullish sentiment on display in stocks, emerging-market sovereigns and corporate debt. Securities generally seen as the safest and least volatile bets — think Japanese government bonds — trailed behind. There was perhaps no investing idea that attracted more attention in 2017 than cryptocurrencies, from Jamie…

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