November 1, 2018 / 5:06 AM / 12 days ago

Turkey - Factors to Watch on Nov. 1

ISTANBUL, Nov 1 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Thursday.

The lira firmed to 5.5846 against the dollar at 0501 GMT, compared with Wednesday’s close of 5.6050.

The yield on the benchmark 10-year bond rose 30 basis points on Wednesday to 18.52 percent.

The main BIST 100 share index rose 0.22 percent on Wednesday to 90,200.71 points.

GLOBAL MARKETS

Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session, while the pound rallied on a report Britain has secured a deal that would give its financial services firms continued access to European markets after Brexit.

INFLATION FORECASTS

Turkey’s central bank on Wednesday sharply raised its inflation forecasts for this year and next, predicting a rate of 23.5 percent by the end of 2018 and acknowledging the deep impact of a lira selloff that has shaken confidence in the economy.

TAX CUTS

Turkey’s lira weakened more than two percent against the dollar on Wednesday after the government unexpectedly announced a plan to cut taxes on several sectors, including cars, white goods and furniture, until the end of the year.

SYRIA BORDER

Turkish forces shelled a Kurdish-controlled area of northern Syria, killing four Kurdish militants, Turkish state broadcaster TRT said on Wednesday, and Kurdish-led forces said they responded to Turkish attacks by hitting a Turkish army vehicle.

ERDOGAN

President Tayyip Erdogan will chair a security meeting at the Cankaya palace, followed by a meeting with the chief of intelligence service (1000/1130 GMT). He will then chair a meeting of a science and innovation meeting (1230 GMT).

PMI

The manufacturing Purchasing Managers’ Index (PMI) for October will be released (0700 GMT).

EXPORTS

The exporters assembly will announce export data for October (0900 GMT).

ISTANBUL INFLATION

The Istanbul Chamber of Commerce will release October retail price data for the city (0900 GMT).

YAPI KREDI

Turkish lender Yapi Kredi announced a 33 percent increase in its third-quarter net profit of 1.12 billion lira ($200.43 million).

TOFAS

Carmaker Tofas, a joint venture of Koc Holding and Fiat, said its third quarter net profit rose 10 percent to 310.9 million lira.

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Istanbul National-100 stock index, interbank lira trading, lira bond trading ($1 = 5.5879 liras) (Compiled by Ece Toksabay)

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