May 7, 2018 / 5:15 AM / 3 months ago

Turkey - Factors to Watch on May 7

ISTANBUL, May 7 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Monday.

The lira stood at 4.2340 against the U.S. dollar at 0514 GMT, easing from a close on Friday of 4.2325.

The yield on the benchmark 10-year bond was at 13.19 percent in spot trade on Friday and rose to 13.32 percent in Monday-dated trade.

The main BIST 100 share index fell 0.30 percent to 102,599.22 points on Friday.

GLOBAL MARKETS

Asian shares crept higher on Monday after a tame reading on U.S. wages lowered the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for the Iranian nuclear deal argued for caution. Oil prices hit their highest in more than three years as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran.

ERDOGAN

President Tayyip Erdogan will make a speech at a peace awards ceremony (0900 GMT). He will then host Serbian President Aleksandar Vucic and they will hold a joint news conference (1500 GMT).

OPERATIONS IN SYRIA

Turkey will carry out new military operations along its borders after its two previous offensives into Syria, President Erdogan said on Sunday, as he announced his manifesto for next month’s snap elections.

TURKEY WARNS U.S. OF RETALIATION

Turkey will retaliate if the United States enacts a proposed law that would halt weapons sales to the country, Foreign Minister Mevlut Cavusoglu said on Sunday. Lawmakers in the U.S. House of Representatives released details on Friday of a $717 billion annual defence policy bill, including a measure to temporarily halt weapons sales to Turkey.

U.S. PASTOR HEARING

A Turkish court will hold the second hearing in the trial of Andrew Brunson, a U.S. pastor accused of links to a group which Ankara says carried out a failed military coup in Turkey in 2016. Brunson has denied the accusations and his trial has compounded tensions between Turkey and the United States.

ECONOMIC PLEDGES

President Erdogan promised on Sunday to bring down interest rates, inflation and the current account deficit following snap presidential and parliamentary elections next month.

DEFACTO, BEYMEN IPOS CANCELLED

Turkish clothing retailers DeFacto and Beymen Magazacilik cancelled their initial public offerings, citing low demand stemming from recent high volatility in emerging markets.

SOK MARKETLER NEWS CONFERENCE

Discount retailer Sok Marketler will hold a news conference ahead of bookbuilding this week for its initial public offering. Food giant Yildiz Holding’s Gozde Girisim investment arm owns a 39 percent stake in Sok.

TURKISH BANKING ASSOCIATION MEETING

The Association of Turkish Banks will hold its general meeting (0700 GMT).

DEMIRTAS INTERVIEW

Turkey’s Kurdish opposition presidential candidate, who is challenging President Erdogan from behind prison bars, said a fair vote in next month’s election was impossible under the state of emergency. In his first interview with international media since being named as candidate by his Peoples Democratic Party (HDP) on Friday, Selahattin Demirtas told Reuters opposition parties will face huge obstacles campaigning for votes.

OPPOSITION DEMANDS MORE MEDIA COVERAGE

The presidential candidate for Turkey’s main opposition has hit out at a lack of mainstream media coverage for opposition parties and candidates before elections in June. Muharrem Ince, the main opposition Republican People’s Party’s (CHP) candidate to challenge President Erdogan in the snap elections, said a “media embargo” had been placed on opposition parties upon Erdogan’s request.

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

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