Every time the mainstream declares price inflation dead and buried, new data comes out and rains on the funeral. However, if you understand the root cause of inflation, the CPI data comes as no surprise.

The 25Q2 Y/Y blended earnings growth estimate is 67.0%. If the energy sector is excluded, the growth rate for the index is 89.3%.

At the September MPC meeting, the Central Bank of Turkey continued to cut rates, this time by 250bp to 40.5% vs the market consensus of 41%. The Bank also updated its main message with an emphasis on intermediate targets.

Exco Technologies has paid quarterly variable dividends since July 1996. The current forward-looking annual $0.32 dividend yields 6.5% per Monday’s $4.92 share price.