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President Recep Tayyip Erdogan’s losses in local elections have dented investors’ hopes that Turkey will adopt painful reforms they say are needed to stabilize the economy as he moves to shore up his political base.

Erdogan’s Islamist-rooted AK Party (AKP), in power nationally since 2002, lost control of the capital, Ankara, and the business hub of Istanbul in the March 31 polls, initial results showed. The AKP has demanded recounts in both cities.

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