November 27, 2013 / 4:02 PM / 7 years ago

Turkish assets pressured by credit card rules, U.S. data

ISTANBUL, Nov 27 (Reuters) - Turkish assets slipped on Wednesday as positive U.S. economic data stoked fears of a cut in stimulus, while draft credit card regulations aimed at cooling demand for imported goods put pressure on stocks.

Expectation-beating data, including jobless claims and Chicago PMI, bolstered the case for a cut in U.S. asset buying which has flooded Turkey with cheap foreign capital and boosted its assets.

The lira slipped to 2.0227 by 1539 GMT on Wednesday from 2.0160 late on Tuesday. The yield on Turkey’s 10-year benchmark bond rose to 9.43 percent from 9.37 percent at Tuesday’s close.

Proposed changes in credit card regulations released after the market close on Tuesday are expected to hit discretionary spending and dragged down equities. Shares in electronics retailer Teknosa closed down 4.7 percent in response.

Istanbul’s main stock index closed down 0.88 percent at 74,896 points, underperforming the emerging market index, which rose 0.24 percent. (Reporting by Dasha Afanasieva; Editing by Mark Trevelyan)

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