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Turkey - Factors to Watch on May 9
May 9, 2017 / 4:57 AM / 7 months ago

Turkey - Factors to Watch on May 9

ISTANBUL, May 9 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Tuesday.

The lira stood at 3.5855 against the U.S. dollar at 0455 GMT, little changed from 3.5850 at Monday’s close.

The yield on the benchmark 10-year bond was at 10.48 percent in spot trade on Monday and was at 10.49 percent in Tuesday-dated trade.

The main BIST 100 share index fell 0.10 percent to 93,832.70 points on Monday.


Asian stock markets were mixed on Tuesday following a flat close on Wall Street, as investors searched for the next catalyst following France’s presidential election, while oil inched higher on expectations OPEC supply cuts will be extended. The South Korean stock market is closed for Tuesday’s presidential election, in which liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum after former President Park Geun-hye was removed on charges of bribery and abuse of power.


Erdogan is to hold talks with Kuwait’s ruler, Emir Sheikh Sabah al-Ahmad al-Sabah, and take part in a groundbreaking ceremony for a new passenger terminal at Kuwait International Airport. Turkey’s Limak Group won the $4.3 billion contract to build the terminal, the most valuable foreign tender ever won by a Turkish company. Erdogan leaves Istanbul airport for Kuwait at 0530 GMT.


Erdogan called French President-Elect Emmanuel Macron by phone on Monday to congratulate him on his victory in Sunday’s presidential elections, Turkish presidential sources said. They said Erdogan and Macron emphasised their determination to improve Turkish-French relations and discussed the importance of overcoming recent issues between Turkey and the EU.


IDEF International Defence Industry Fair, which is held once every two years, begins in Istanbul (until May 12). Prime Minister Binali Yildirim will attend the opening ceremony (0800 GMT). Interest in the sector is high after Turkey launched a series of high profile projects to produce tanks, warships and warplanes.


Prime Minister Yildirim will also chair a meeting of the ruling AK Party’s central executive committee (1230 GMT).


Opposition parties will hold parliamentary group meetings.


Discount retailer BIM posted a net profit of 197.9 million lira ($55.4 million) in the first quarter, up from 162.0 million a year earlier. First-quarter revenue rose to 5.71 billion lira from 4.81 billion the previous year.


The defence manufacturer reported a net profit of 320.9 million lira ($89.9 million) in the first quarter, up from 111.9 million lira a year earlier. Its first quarter revenues rose to 990.4 million lira from 633.8 million a year ago.

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Istanbul National-100 stock index, interbank lira trading, lira bond trading (Writing by Daren Butler)

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