August 2, 2018 / 5:24 AM / 3 months ago

Turkey - Factors to Watch on August 2

ANKARA, Aug 2 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Thursday.

The lira stood at 4.9850 against the dollar at 0521 GMT, after weakening to an all-time record of 5.0150 on Tuesday. It closed at 4.9948 on Wednesday.

The yield on the benchmark 10-year bond was at 17.77 percent at Wednesday’s close.

The main BIST 100 share index rose about 0.27 percent to 97,210.57 points on Wednesday.

GLOBAL MARKETS

Asian stocks dropped on Thursday as the latest escalation in the Sino-U.S. trade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan’s new tolerance for higher yields.

U.S. SANCTIONS

The United States imposed sanctions on two top officials in Turkish President Tayyip Erdogan’s Cabinet on Wednesday in a new attempt to get NATO ally Turkey to turn over an American pastor accused of backing a coup attempt against Erdogan two years ago.

The decision sent the lira plunging, as it hit an all-time record low against the U.S. dollar. Turkey said it would retaliate the “hostile stance”.

U.S. DEFENCE POLICY BILL

The U.S. Senate passed a $716 billion defense policy bill on Wednesday, backing President Donald Trump’s call for a bigger, stronger military and sidestepping a potential battle with the White House over technology from major Chinese firms.

The move will also prohibit delivery of advanced aircraft to Turkey until after production of report.

NATURAL GAS, ELECTRICITY PRICE HIKES

Turkey’s decision to raise natural gas and electricity prices are expected to have around a 35-40 basis point impact on annual inflation, economists said on Wednesday, after the central bank announced a revised annual inflation forecast of 13.4 percent.

EXPORTS

Turkey’s exports rose 11.8 percent year-on-year in July to reach a monthly record of $14.1 billion, the Turkish Exporters Assembly (TIM) said on Wednesday.

TRADE DEFICIT

Turkey’s trade deficit decreased 32.4 percent year-on-year in July to $6 billion, data from the Trade Ministry showed on Wednesday.

ERDOGAN

President Tayyip Erdogan will visit the mausoleum of modern Turkey’s founder, Mustafa Kemal Ataturk, in Ankara (1100 GMT) and later chair the first meeting of the Supreme Military Council (YAS) since being re-elected (1130/1430 GMT).

CAVUSOGLU

Foreign Minister Mevlut Cavusoglu will continue his talks at the Association of Southeast Asian Nations (ASEAN) summit in Singapore.

INDUSTRY MINISTER

Industry and Technology Minister Mustafa Varank will meet with reporters (0700 GMT).

For other related news, double click on:

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Istanbul National-100 stock index, interbank lira trading, lira bond trading (Reporting by Tuvan Gumrukcu)

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