> Turkish markets rallying slightly Monday, as the country's president won a narrow victory in a referendum granting him sweeping powers. Turkey's currency, the lira, surrendered some gains however, as concerns over the political future of the country persisted. Analysts say the financial situation is set to vary as President Erdogan makes changes to the country's political landscape.
Rumors of an early election all but dashed after the Yes vote, but a cabinet reshuffle remains likely. Erdogan won with just over 51% of the vote, and is now able to abolish the office of Prime Minister, declare a state of emergency, and draft the country's budget. Prior to the failed coup against Erdogan last July, Turkey had boasted one of the world's best performing emerging markets.
It suffered significantly in the wake of the coup, dragged down by instability and a subsequent collapse in tourism. Trading volumes are expected to be lower, with most European share markets closed for the Easter holidays.