Macro and politics
Tacirler Investment
*TURKSTAT will release December Economic Confidence Index @ 10:00 local time. The economic confidence index dropped to 97.1 from 98 level in November, while the 3-months average rose to 96.7 from 95.4. The index indicates an optimistic outlook on the general economic situation when it is above 100, and a pessimistic outlook when it is below 100. It is noteworthy that the index has remained below the 100 level since March. Regarding the sub-components of the November data, the consumer confidence index decreased by 1% m/m to 79.8, the real sector confidence index increased by 1.2% m/m to 103.4, the services confidence index dropped by 2.9% m/m to 111, the retail trade confidence index surged by 9% m/m to 111.7, and the construction confidence index climbed by 1.7% to 87.8 in November. Following the partial recovery observed in the confidence indices as indicated by the leading indicators for October, the outlook shifted back to a negative trajectory in November. While continuing to compile leading indicators for the last quarter, the signals produced by the economic confidence index for December will be closely monitored.