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Consumer Confidence Bounces Off Record Low

TURKEY
  • Erdogan’s meeting with the Russian and Iranian leaders yesterday was dubbed as “useful and quite substantive”, with the leaders announcing trilateral agreements on the approach to Syria, while stating that not all issues had been resolved to allow for a full grain corridor from southern Ukraine into the Black Sea.
  • On the approach to Syria, Erdogan pressed his case for a military offensive against Syria’s Kurdish forces, although Iran’s Raisi opposed such a move, according to AFP.
  • Dunya today reports that venture investments across Turkey slowed in Q2, marking the worst quarter for investments since 2021. Around $ 114mn was invested across 79 investment rounds. There were only 2 deals of a size above $10mln, according to the piece.
  • Consumer confidence data improved in July, rising to 68.0 from 63.4 previously. The 5 point improvement marks a recovery off the series low for the figure in June.
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