Turkish banks led the Istanbul Index to modest gains after a sharp fall earlier this week on an outlook downgrade from Moody’s. The Turkish central bank continues to hold the lira in a tight range around 3.6 to USD.

The market ignored President Erdogan, who stated that he will continue to call Europeans “Nazis” and “fascists” as long as they continue to call him a “dictator.” Turkey would, however, keep its economic ties to the European Union and remain open to foreign investors, Erdogan added.