Tugce Ozsoy

In a year that saw emerging-market equities roar back to life, Saudi Arabia stocks were left far behind. Investors say don’t count on next year to be much different.

Swaps tied to the Turkish lira are signaling that traders have pared bets for the central bank to raise interest rates, after the ceasefire in the Iran war pushed oil prices off their highs and eased inflation fears.

At first, it was just a curiosity in Turkey’s financial circles: An obscure brokerage firm with a stock that went up and up.

Behind the 40,000% Stock Surge That's Mystifying Traders in Turkey (Bloomberg) -- At first, it was just a curiosity in Turkey's financial circles: An obscure brokerage firm with a stock that went up and up.

Cross-holdings, leveraged bets and low free-float stocks helped drive Tera Yatirim's extraordinary rise – and attract regulatory scrutiny.

Turkish mobile gaming startup Grand Games Oyun ve Yazilim AS raised $70 million in a Series B funding round led by Balderton Capital’s Growth Fund, as investors continue to pour money into Turkey’s fast-growing gaming industry.

Turkish state lenders sold about $6 billion to defend the lira on Thursday, about half shortly after a court decision that removed the main opposition party’s leadership, according to traders familiar with the transactions.

Kemal Kilicdaroglu, the former head of Turkey’s opposition CHP party, is seeking state help to take control of party headquarters after a court ordered his reinstatement and removed Ozgur Ozel as its leader.

Investors are increasing bets that Turkey’s central bank will need to raise interest rates, as higher energy costs keep inflation elevated and a political crisis puts pressure on the lira.

Foreign investors are piling into fast-tracked sales of shares in Turkish companies, seeing pockets of value in a market facing political turmoil at home and fallout from the Iran war.