Citigroup downgrades Turkish assets to "neutral"

Citigroup downgraded Turkish assets to "neutral" saying the country was the most exposed of the major Central, Eastern Europe, Middle East and Africa (CEEMEA) markets to an economic slowdown and risk aversion.
"Growth is slowing in many of the CEEMEA economies and the pickup in inflation across the region is troublesome," Citigroup said in its global equity strategy note on Monday.
Though financial markets have stabilized in recent weeks, and modest fund flows have returned into emerging market equities, it would be cautious in the near term, it added.