CEE/CIS economies at risk from high corporate indebtedness

Clare Nuttall in Bucharest June 13, 2018

EBRD economist highlights sharp rise in corporate indebtedness especially in foreign currencies, putting economies at risk from a currency depreciation or growth slowdown.

Azerbaijan’s ambition to send gas to Europe step nearer as Turkey launches TANAP

bne IntelliNews June 12, 2018

Pipeline to help EU diversify away from over-reliance on Russian gas as part of 3,500-km corridor.

EM fund managers sell to invest in more stable markets

bne IntelliNews June 11, 2018

The US Federal Reserve raising interest rates combined with political and economic turbulence have caused investments to flow out of emerging and into mature markets since the start of this year.

Turkey’s vehicle production down 4% y/y in May

bne IntelliNews June 11, 2018

Output declines for the second consecutive month and registers 2% fall for Jan-May.

Turkey’s end-year inflation expectations rise further to 12.28% in June

bne IntelliNews June 11, 2018

Businesses and analysts became more anxious about rising prices amid the collapse in the value of the Turkish lira.

Turkey’s April current account deficit expands 46% y/y in line with expectations

bne IntelliNews June 11, 2018

Figure nevertheless will spur more anxieties that Turkey's economy is growing significantly above its potential.

Turks told to beware Q1 pre-election gift of 7.4% GDP growth with ‘hard landing ahead’

bne IntelliNews June 11, 2018

Figure seen as “pretty meaningless” given the financial turmoil Turkey subsequently underwent in the second quarter.

Turkish Elections 2018: Might the Fenerbahce board ‘giant-killing’ portend a shock poll result?

JamesInTurkey.com June 8, 2018

Aziz Yildirim’s loss of the chairmanship of President Erdogan’s favourite football club has left voters pondering the previously unthinkable.

Turkey’s cash surplus expands 280% y/y in May

bne IntelliNews June 8, 2018

Primary cash surplus grows by 204% y/y.

Turkey’s central bank surprises markets with 125-bp pre-election rate hike

bne IntelliNews June 7, 2018

Lira makes solid gain on move seen as an assertion of regulator’s independence, but post-vote anxieties over political interference remain.

Election surprise: Speculation grows Turkish army is under orders to destroy PKK’s Iraq HQ

Akin Nazli in Belgrade June 6, 2018

“Now it is time for Qandil,” President Erdogan declares at dinner in reference to operation that seemingly has Baghdad and Washington’s approval.

CEE monthly bond wrap: dead as a Dodo

bne IntelliNews June 6, 2018

Bond markets in Eastern Europe were as dead as the proverbial Dodo in May, continuing the slowdown already seen after the US imposed new sanctions on Russia in April.

Net short FX position of non-financial Turkish firms expands 12% y/y to $222bn in March

bne IntelliNews June 5, 2018

Gap between assets and liabilities evokes warnings of possible emerging market currency-and-debt crisis.

Turkish lira dips to record low in real terms in May, rate hike expectations vary

bne IntelliNews June 5, 2018

Opinion split on whether MPC will introduce another rate hike on top of the May 23 emergency hike.

Annual growth in Turkey’s foreign trade gap slows sharply to 5% in May

bne IntelliNews June 4, 2018

Data may point to a desired economic adjustment caused by the stark decline of the Turkish lira.

Annual contraction in Turkey's vehicle sales quickens to 15% in May

bne IntelliNews June 4, 2018

The Jan-May period saw a fall of 5% with light commercial vehicles experiencing a 13% y/y decline.

“Very credibility” of Turkish central bank at stake as MPC meeting approaches

bne IntelliNews June 4, 2018

Taking stock of latest inflation data analyst says regulator has “very little wiggle room” not to hike rates again.

Worse-than-expected May inflation figure delivers small gain for Turkish lira on rate hike hopes

bne IntelliNews June 4, 2018

Investors’ nervousness over president’s monetary role appears to still be hindering currency’s recovery.

Turkey’s exports rise 12% y/y in May

bne IntelliNews June 3, 2018

Gain in first five months of the year calculated at 14% y/y.

Turkey’s manufacturing PMI dips further into contraction in May

bne IntelliNews June 1, 2018

Turkey’s Manufacturing Purchasing Managers' Index (PMI) moved down from 48.9 in April to 46.4 in May, the lowest level since April 2009, IHS Markit said on June 1.