November 3, 2015 / 5:06 AM / 2 years ago

Turkey - Factors to watch on Nov 3

ISTANBUL, Nov 3 (Reuters) - Following are news, reports and events that may affect Turkish financial markets on Tuesday.

The lira stood at 2.8150 against the dollar at 0405 GMT, little changed from 2.8143 late on Monday, when the currency rallied sharply after the AK Party secured a return to single-party rule with a resounding election victory.

The main BIST 100 share index surged 5.4 percent to 83,693.61 points on Monday. The benchmark 10-year government bond yield stood at 9.32 percent at the spot close on Monday and rose to 9.36 percent in Tuesday-dated trade.

GLOBAL MARKETS

Asian share markets crept ahead on Tuesday after the benchmark for U.S tech stocks hit its highest in 15 years, while a holiday in Japan kept currencies tethered within recent tight ranges. MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 1.1 percent after losing ground for five straight sessions. Australian stocks bounced 1.2 percent, recouping a little ground after a vicious run of selling.

INFLATION

The Turkish Statistics Institute will release inflation data for October (0700 GMT). In a Reuters poll, the consumer price index was forecast to rise 1.35 percent month-on-month.

FITCH

Fitch Ratings said on Monday the implications for Turkey’s sovereign credit profile and rating of Sunday’s election win for the ruling AK Party would depend on whether the result produces a more stable and predictable political environment that is conducive to structural reform and economic rebalancing.

It said domestic political tension will remain high if President Tayyip Erdogan resumes his efforts to extend the power of the presidency.

Resolving policy uncertainty and unpredictability, and implementing reforms that promote durable economic growth and rebalancing that reduce external vulnerabilities, would be positive for the sovereign rating, it added.

HALKBANK

The lender said it posted a net profit of 438 million lira ($156 million) in the third quarter, exceeding a market expectation of 414 million lira.

Note: For a list of forthcoming events, see. For other related news, double click on: Turkish politics Turkish equities Turkish money Turkish debt Turkish hot stocks Forex news All emerging market news All Turkish news For real-time quotes, double click on: Istanbul National-100 stock index, interbank lira trading, lira bond trading ($1 = 2.8126 liras) (Writing by Daren Butler)

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