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* TURKSTAT will release August Economic Confidence Index @ 10:00 local time. The economic confidence index increased to 99.8 in July from 98.9, reaching its highest level since February, while its three-month average rose to 98.6 from 97.5. While readings above 100 indicate optimism regarding the overall economic outlook, the index remaining below this threshold suggests that a cautious assessment of economic...
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Good morning. Global risk appetite remains balanced following Nvidia’s results, while oil prices have edged higher, particularly due to ongoing tensions surrounding Russia. US futures are broadly flat this morning following the strong gains on Wall Street yesterday, while European futures and Asian equities are generally trading higher. In Borsa Istanbul, the 14,700 level was tested once again after the opening...
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* The CBT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the August 14–21 period at 14:30 local time today. Based on our calculations using the CBT's analytical balance sheet, we estimate that the CBT's gross FX reserves rose by USD5.1bn to USD183.5bn, while net FX reserves increased by USD3.5bn to USD66.4bn, in the week of August 14 – 21. We...
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Good morning. The decline in oil prices has lost some momentum, while the risk of a new armed conflict between the US and Iran is gradually diminishing. On the other hand, following the failure of the latest negotiations regarding the Russia-Ukraine war, concerns remain that the conflict could intensify. Wall Street closed on a weak note yesterday following the US data releases. However, Nvidia’s earnings and...
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Good morning. The decline in oil prices is continuing. Front-month Brent crude is approaching $85, while longer-dated contracts are seeing declines toward $80. The growing emphasis on the possibility of negotiations between the US and Iran, together with reports that the US has redeployed some diplomats who had been withdrawn from the conflict zone back to their posts, is increasing optimism that a renewed direct...
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Good morning. The United States’ threats of economic sanctions against Iran continue, although we are seeing some easing in oil prices as the likelihood of military intervention has partially declined. Pricing in longer-dated oil contracts, particularly below $85, stands out. Global risk appetite is balanced this morning, with U.S. and European futures slightly higher, while Asian markets are generally weaker. In...
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* According to the August Sectoral Inflation Expectations (SIE) Survey, 12-month-ahead annual inflation expectations declined by 0.26pp to 23.69% among market participants relative to the previous month, while rising by 0.30pp to 32.80% for the real sector and by 0.64pp to 45.58% for households. In addition, the share of households expecting inflation to decline over the next 12 months fell by 0.78pp to...
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Good morning. The U.S. threat of a “new economic offensive targeting Iran’s trading partners” is putting pressure on global equity markets. U.S. and European futures are slightly negative, while more pronounced declines are being seen across Asian markets. Oil prices, meanwhile, continue to hold above $90. On the domestic front, the CBRT’s announcement that it will resume weekly repo auctions, which it had...
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