A decisive win for Turkey’s main opposition party in a re-run of a mayoral election in Istanbul this weekend has dealt a big political blow to President Recep Tayyip Erdogan and prompted hopes for economic and political change.
Ekrem Imamoglu, the candidate for the main opposition Republican People’s Party (CHP), won 54% of the vote, Turkey’s Anadolu news agency reported, while Binali Yildirim, the candidate for Erdogan’s ruling Justice and Development Party (AKP), received around 45% of the vote.
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Investors have reacted positively to the election result with the Turkish lira strengthening to 5.7333 against the dollar Monday, up from a close of 5.8140 Friday. Turkey’s BIST 100 stock index was trading higher around 2% Monday with Turkish banks the top gainers on the index.
Matt Bracken breaks down the military and political drama playing out in the Gulf of Oman near the strategic Straight of Hormuz.