Turkey’s exchange-traded fund (ETF) was down 9.5% in the year-to-date on a USD-basis as of May 13, according to data compiled by Charlie Bilello (@charliebilello) of Creative Planning.

So far this year, only four equity markets have posted a loss on a USD-basis. Thailand's stock exchange was closest to Borsa Istanbul for poor performance with a loss of 6.5%, followed by Indonesia with a 5.1% loss and Saudi Arabia with 1.3%.

Table: Global equity ETF returns, USD-basis, y-t-d, as of May 13.

Trump, the loser

The US continues to have one of the worst performing markets in the world, while out in front are Eurozone stocks with a 22% y-t-d return, Bilello noted in a blog post.

Due to the tariffs noise and disruption created by Donald Trump, the US Federal Reserve is expected to keep its key rate on hold on June 18. Such an outcome would be its fourth consecutive decision to hold since December.

The European Central Bank (ECB) looks set, meanwhile, to deliver another 25-bp cut at its next rate-setting meeting to be held on June 5.

Turkey, the outlier

Prior to its May 2023 elections, Turkey employed an ultra-loose monetary policy, while the world, at the same time, was tightening rates to overcome inflationary impacts of the COVID-19 easing.

Since after the elections, Turkey has been tightening while the world has been easing.

Foreign investors, meanwhile, show almost zero interest in the Borsa Istanbul.

Chart: So far this year, foreign investors have sold $182mn worth of Turkish stocks online.