State bank embroiled in Iran sanctions-busting case. Mention of Turkish strongman in indictment and Trump Tower Istanbul under renewed scrutiny. No progress on ‘S-400’ row. Senators not thrilled at Oval Office showing of anti-Kurdish propaganda film.
Import compression is over. Officials are turbo-charging GDP. Lira is held in ‘dirty float’. Turks insist inflation is still high. Authorities are telling them they're wrong. Economics anoraks shouldn't miss an episode of the Erdogan experiment.
New phase of the ‘fairytale’ for opposition politician elected mayor of Istanbul with the strategy “Ignore Erdogan and love those who love Erdogan”.
Markets, meanwhile, draw breath as Erdogan prepares for November 13 White House meeting with Trump. Betting is that the two strongmen will reach an accommodation.
Spread over US Treasury paper fell sharply to 407bp from 470bp seen at previous Turkish sale, held in July.
The growing importance of environmental, social and governance (ESG) performance to investors (and ultimately to voters) is one of the most important forces shaping the new global economy. CO2 emissions must peak next year or we are in trouble.
Bond issuers from Eastern Europe were active in October with 18 bonds issued worth a total of $4.5bn of which two-thirds of the value and 14 out of the 18 were Russian bonds, according to data provided by CBonds.
Presently Turkish banks only permitted to sell NPLs to fellow domestic banks or country’s asset management firms. Hungry outsiders might place bids if Ankara opens market to investors looking to securitise the loans.
Notes from BlueBay Asset Management economist Timothy Ash on his latest visits to Istanbul and Ankara.
Outperformers: Turkcell, Ford Otosan, Coca Cola Icecek, Ulker, Anadolu Cam, Enerjisa.
Grand infrastructure project got off to a less than auspicious start, hitting the share price of Turkish Airlines in the process.
Beware, says analyst, “When a country's ruler resembles King Lear out on a moor in the storm, any calm is temporary and deceptive”.
The pace of growth in the EBRD’s emerging economies is slowing on the back of a weaker global economic outlook, and pressure from slower growth in the Eurozone and China, US/Chinese trade tensions and a contraction in world automobile production, acc
Big question mark whether strongman Erdogan is ‘welcome’ on international debt markets following Syria invasion.
Most proceeds to finance outstanding eurobonds that formed first ever infrastructure paper issued by a Turkish company.
Despite strong sales performance of past two months, auto sales still 32% lower in first 10 months of 2019 year on year.
“Not sure many people locally believe the data,” says one analyst. “I wouldn't be buying the mkt regardless. Too much $hit flying round,” remarks another.
Delays reportedly caused in construction of final stretch of 3,400-km Southern Gas Corridor that is to make landfall in Italy.
Labour representatives “repudiate approval” of automaker’s plan to build plant in Turkey while violence in Syria continues.
National lender lowers its inflation expectations to match those of Erdogan administration. Governor warns against creating perception that unexplained things are occurring in country’s monetary operations.