Click to Enlarge YTD Return: -15%
The iShares MSCI Turkey ETF (TUR) is also off 15%, but for very different reasons than China.
Turkey was once the darling of the eurozone outlook, with a reasonably brisk growth rate and high hopes for full membership in the monetary union that would make it a boon to trade partners in the EU — not to mention a model of how progressive Muslim countries to the south of Europe can become part of the region’s economic engine.
But now a weakening currency and political unrest have upended Turkey, and there’s no sign of the dust settling anytime soon.
Few top components of this Turkey ETF are directly accessible via American exchanges, but major telecom Turkcell (TKC) is — and its 9% decline year-to-date is pretty representative of the trouble in the region.