The return of optimism to global markets is lifting Turkiye. The nation known for responding to elevated inflation with low interest rates was among the worst-hit emerging markets after the outbreak of the war in Ukraine. Now as fears of runaway consumer prices ease around the world, bears are finally loosening their grip on the country. Turkiye’s sovereign credit risk, which surged to a 19-year high last month, has fallen back to 703 basis points, the lowest since May, after Russia’s cash transfer into a Turkish subsidiary boosted foreign-currency reserves. The extra yield investors demand to own Turkish dollar bonds rather than Treasuries has tumbled below 600 basis points for the first t
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