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Turkey has a volatile economy whose growth rate has exceeded 6 percent in many years (and reached 9 percent in 2004), but suffered sharp reversals in 1994, 1999, and 2001.
Turkey's main stock index opened 6 percent down on Monday after a major rebel attack on Turkish soldiers increased pressure on the government to launch a cross-border incursion into northern Iraq.
Turkey's parliament resoundingly approved a motion on Wednesday allowing troops to cross into northern Iraq to crush Kurdish rebels hiding there, brushing aside appeals from the United States and the Baghdad government.
Only a fraction of global oil supply could be immediately threatened by a Turkish incursion into northern Iraq, but crude prices have surged on concern any conflict may escalate and disrupt the flow from the Middle East.
Gold hit a 28-year high on Tuesday, underpinned by record-high oil prices and geopolitical tension that raised the precious metal's profile.
Turkey will finance a $3.5 billion investment in Iranian gas production entirely from a state company of its own as U.S. opposition has put off foreign investors, Energy Ministry officials said on Wednesday.
News Corp, ProSiebenSat.1, RTL Group, Czech CME and Greek Antenna TV are interested in buying Turkey's ATV-Sabah, an official at the body selling the firm said on Monday.
Turkey's ruling AK Party won a resounding election victory on Sunday, giving the pro-business, Islamist-rooted party a mandate for reform but risking fresh tensions with the secular elite.
The Iraqi government said Wednesday that Turkish artillery and warplanes bombarded areas of northern Iraq and called on Turkey to stop military operations and resort to dialogue.
Dutch banking and insurance company ING Group is buying Turkey's Oyak Bank for $2.67 billion, joining a rush of overseas financial groups buying into the fast-growing Turkish market.
ING Group said it agreed to acquire Turkey's Oyak Bank for $2.67 billion and will finance the acquisition with existing internal resources.
Stocks prices are edging higher this morning, following the direction of European markets. Lots of earnings news is out today, and talk of deals in the media industry swirl.
The Turkish stock market plunged 8% in early trading on Monday, reacting sharply to political tensions as the Islamic-rooted government comes under strong pressure from secular circles to declare early general elections.
The current trend of heavy M&A activity shows little sign of abating and investors could be set for another week of deals dominated by private equity groups. Last week saw bid approaches for Spanish airline Iberia, British drug retailer Alliance Boots and publicly traded British hedge fund Man Group.