Nicholas Spiro

There's not a positive catalyst in sight for Russian assets, with high inflation, the rouble tanking and sentiment extremely volatile, rate cuts are off the table for the central bank.

The markets have been yearning for a period of political stability in Turkey for quite some time now. To all intents and purposes this is the best result that the markets could expect.

The markets are focused on one thing and one thing alone, and that's stability. From a markets standpoint - particularly given the fact that the markets were expecting something significantly worse - this is a positive.

This is inevitably going to raise fears about an even more authoritarian, an even more economically populist, nationalistic Turkey.

If truth be told, I don't think foreign investors know what to make of Turkish politics. It is a complete mess, there has also been a significant loss of confidence in the AK Party in its handling of the economy.

Putin rode the wave of higher oil prices in the years after he came to power, but there is no question that the economics will start to adversely impact the politics, the pieces are falling into place to start to affect the political sustainability of this regime.