September 14, 2018 / 5:20 AM / in 9 days

Turkey - Factors to Watch on Sept 14

ANKARA, Sept 14 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Friday.

The lira stood at 6.1275 against the dollar at 0515 GMT, weakening from a close of 6.08 on Thursday.

The yield on the benchmark 10-year bond stood at 19 percent on Thursday’s close.

The main BIST 100 share index rose 2.38 percent on Thursday to 94,419.15 points.

GLOBAL MARKETS

Shares across most of Asia rose on Friday on expectations that the United States and China could launch a fresh round of trade talks, and as a surprisingly sharp interest rate hike in crisis-hit Turkey supported the lira and global risk appetite.

But stocks in China fell amid lingering uncertainty over the outlook for trade.

CENTRAL BANK RATE HIKE

Turkey’s central bank raised its benchmark rate by a hefty 625 basis points on Thursday, the biggest such increase in President Tayyip Erdogan’s 15-year rule, boosting the lira and possibly easing investor concern over his influence on monetary policy.

Hours before the bank’s decision, President Tayyip Erdogan sharply criticised Turkey’s Central Bank for taking “wrong steps” over inflation and repeated his opposition to high interest rates.

PROPERTY SALES, RENTALS

Turkey ruled on Thursday that property sales, rental contracts and leasing transactions must be made in lira from now on, halting the use of foreign currencies for such deals in a fresh step to support the ailing local currency.

ERDOGAN

President Tayyip Erdogan will attend a meeting of his ruling AK Party’s provincial leaders in Ankara (0800 GMT).

FINANCE MINISTER

Turkey will tackle its current account deficit through stronger domestic production and growth built on exports, Finance Minister Berat Albayrak was quoted as saying on Thursday.

SYRIA’S IDLIB

Turkey’s foreign minister said in a letter to New York Times editors published on Thursday that the Kurdish YPG militia may aid the Syrian government in an attack against Idlib, the last major rebel-held area in Syria.

CURRENT ACCOUNT

The Central Bank will release current account data for July(0700 GMT).

IDLIB SUMMIT

Representatives from France, Germany and Russia will meet with Turkish officials in Istanbul to carry out preparations for a four-way summit on the crisis in Syria. (1100 GMT)

FOREIGN MINISTER

Foreign Minister Mevlut Cavusoglu is on an official visit to Pakistan, where he will meet with President Arif Alvi, Prime Minister Imran Khan, and his Pakistani counterpart Shah Mehmood Qureshi in Islamabad.

For other related news, double click on:

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

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