A massive interest-rate hike from Turkey is a decisive step to shore up its battered currency, but by no means marks the beginning of the end of troubles for beleaguered emerging markets, analysts say.
Turkey's central bank late on Tuesday delivered a hefty 425 basis point rise in overnight lending rates to defend a crumbling lira.
(Read more: Turkey delivers massive rate hike to defend lira)
Investors gave the move a clear thumbs up, with the Turkish lira bouncing. At 2.25 per dollar on Wednesday, the lira held comfortably above this week's record low of about 2.39 per dollar.
U.S. stock futures jumped after the rate hike, while Asian stock markets opened sharply higher, painting a positive backdrop for European markets which open later in the day.
While analysts applauded the aggressive action from Turkey's central bank, especially in the face of opposition from the country's prime minister, they added that emerging market woes are far from over.
"This [rate hike] really helps the situation in Turkey but it doesn't necessarily calm everyone's nerves across the emerging markets spectrum," Ed Ponsi, managing director at Barchetta Capital Management, told CNBC Asia's "Squawk Box." "I don't think it does anything to make people feel better about Argentina for example, which is a completely different situation."