Macro and Politics

*TURKSTAT will release May Economic Confidence Index @ 10:00 local time. The Economic Confidence Index declined by 4.2% on a monthly basis in April, falling to 96.6. It’s worth noting that the index had risen to 100.8 in March, its highest level since June 2023, and marking its first return above the 100-threshold since March 2024. As anticipated, the adverse impacts of rising domestic angst and increased market volatility as of March 19 have begun to surface in the April leading indicators. The deterioration across sub-indices has once again pushed the Economic Confidence Index below the 100-threshold, signaling a renewed shift toward pessimism in overall economic sentiment. As per the sub-indices of April data: The consumer confidence index declined by 2.3% to 83.9, the real sector confidence index fell by 2.3%, reaching 100.8, te services confidence index dropped by 4.3% to 109.5, the retail trade confidence index decreased by 2.5% to 110.6 and lastly, the construction confidence index declined by 4.2%, standing at 85.1 in April compared to the previous month.