Turkey's financial markets surged on Tuesday after the country started the process of joining the European Union. Investors bought stocks and bonds in expectation of interest rate cuts and optimism that the EU drive would continue to boost its economy.
The Istanbul stock market rose 3.9 per cent to close at a record high for the second day. Mahmut Kaya, head of research at Garanti Securities in Ankara, said on Tuesday one of the busiest days on the stock market this year, with more than $2bn of equities traded.
