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Czech manufacturers PMI falls to 49.7 despite higher output, more orders
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Turkey’s economic confidence index fell by a sharp 3.3% m/m to 90.4 in June, the lowest level seen since January 2017, data from national statistics office TUIK showed on June 28.
It should be noted that the June confidence data do not include the days after the completion of the June 24 elections and the effect on sentiment of the vote.
The 100-mark separates optimism from pessimism. June's reading meant the index was recorded as in pessimistic territory for the second consecutive month.
“Rebalancing in action - much to suggest that the economy is coming to a sharp halt, after FX weakness and rate hikes,” Timothy Ash of Bluebay Asset Management said in a note, commenting on the economic confidence data release.
Previously, the index jumped by 10% m/m to 104.9 points in January, the highest level registered since August. The indicator hit a five-year high of 106.4 last August but gradually declined across the four following months to 95.3 in December. Since the January reading of optimism, the index has been in free fall, descending for five months in a row.
All the sub-indices measuring business confidence were down in June but consumer confidence posted a limited recovery.
The seasonally-adjusted business confidence index declined further from 106.7 in May to 102.5 in June, the lowest level since January 2017.
The adjusted index saw 110.9 points in January, the highest level since October last year, and then posted declines for the next five months.
The seasonally-adjusted services confidence index decreased, for the fifth month in a row, by 0.8% m/m to 91.2 in the month. The index was recorded at 102 in January and has declined since then.
The seasonally-adjusted retail confidence index also declined for the fifth consecutive month, by 2.8% m/m to 94.4. The index hit 106.2 in January but has declined since then.
The seasonally-adjusted construction confidence index decreased by 2.4% m/m to 75.3. The index rose to 87 in January and then posted declines in the following five months in a row.
Consumer sentiment in Turkey inched up by 0.6% m/m to 70.3 on the index in June, data from national statistics office TUIK showed on June 21.
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