Thread by @business

🧵 Counting is underway in Turkey's runoff election, with President Erdogan taking an early lead against challenger Kilicdaroglu.

🇹🇷 Follow this thread for #TurkeyElections updates and market reactions

Recep Tayyip Erdogan, Turkey's longest-serving leader, is ahead with 56.4% of the votes with nearly half of all ballot boxes counted, according to state-run news agency Anadolu.

His rival Kemal Kilicdaroglu is at 43.6% bloomberg.com/news/articles/…

Erdogan’s lead narrows but remains ahead with 52.3% of the vote and 95.2% of ballot boxes opened.

Kilicdaroglu is trailing with 47.7%, according to state-run Anadolu Agency trib.al/rwT7l3j

🇹🇷 President Erdogan is leading the runoff vote with a comfortable margin, setting the stage for a victory that will extend his more than two-decade rule.

Latest #TurkeyElections updates: trib.al/rwT7l3j

BREAKING: Turkish President Recep Tayyip Erdogan seals an election victory that appeared unlikely just weeks ago trib.al/i0rAQ4A

Erdogan prevails 52.1% to 47.9% in a runoff vote against opposition challenger Kilicdaroglu to take his rule well into a third decade, based on results with almost all the ballots counted bloomberg.com/news/articles/…

For investors, the most pressing question now is whether Erdogan will stick to his promise of maintaining an economic policy that’s seen an exodus of foreign money from Turkey trib.al/i0rAQ4A

For world leaders, at stake is how Turkey maintains its delicate balancing act between NATO allies and Russia as President Putin continues to wage war in Ukraine trib.al/i0rAQ4A

“It’s a pyrrhic victory for Erdogan,” says Nihat Ali Ozcan, a strategist at Ankara's Economic Policy Research Foundation.

“He may have extended his record rule, but his new term will be full of challenges from the economy to foreign policy” trib.al/i0rAQ4A