May 30, 2018 / 4:53 AM / in 5 months

Turkey - Factors to Watch on May 30

ISTANBUL, May 30 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira stood at 4.5375 against the U.S. dollar at 0448 GMT, firming from a close of 4.55. It rebounded after the central bank said it would return to using the one-week repo rate as its policy rate.

The yield on the benchmark 10-year bond was at 14.11 percent in spot trade on Tuesday and fell to 13.97 percent in Wednesday-dated trade.

The main BIST 100 share index fell 1.33 percent to 105,113.38 points on Tuesday.

GLOBAL MARKETS

Asian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up Italian borrowing costs and sending investors rushing to safe-haven assets such as U.S. Treasuries.

ERDOGAN

President Tayyip Erdogan will attend to chair a National Security Council (MGK) meeting (1230 GMT)

SIMSEK, CETINKAYA LONDON MEETINGS

Deputy Prime Minister Mehmet Simsek and Central Bank Governor Murat Cetinkaya have dialled back on their president’s combative message to markets on interest rate policy, insisting the central bank has freedom to act to defend the lira, according to investors who met them on Tuesday.

FITCH ON TURKISH CITIES

Credit ratings agency Fitch said on Tuesday that lira depreciation will put pressure on budgetary performance of Turkish municipalities due to their unhedged foreign currency borrowing.

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Istanbul National-100 stock index, interbank lira trading, lira bond trading ($1 = 4.5793 liras) (Compiled by Ezgi Erkoyun)

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