Look out for the reaction to Turkey's sovereign credit rating cut
If there's one thing that could possibly ruffle feathers it is once again Turkey. On Friday, S&P moved to cut Turkey's rating from B+ to BB- (making it on par with the likes of Argentina and Greece) while Moody's also lowered Turkey's grade from Ba2 to Ba3.
This will put regional banks exposed to Turkey back into focus again and their stock performance (depending on how seriously markets react to the rating cut) may well offer something for markets to digest on what has been a rather quiet start to the day. By that I mean just be wary of possible risk-off flows - mild or exacerbated.
