Council o Europe to Vote on Sanctions for Kavala Imprisonment

LOCAL NEWS

• Erdogan reiterates his position in favour of rate cuts in a speech yesterday evening, saying that inflation is the cause of high interest rates and that the 1-wk repo would continue to fall.
  • Notes he expects growth to exceed 10% and for inflation to fall by year-end. “until the elections, we’ll see lower interest rates and better exchange rates, including improvement in inflation.”
  • He also called on countries to make long-term investments in Turkey
• Council of Europe to vote on sanctions against Turkey over Kavala imprisonment and could see Turkey’s ECHR membership suspended by the end of proceedings.
  • CoE meetings will run until 02 Dec and a 2/3 majority is needed to pass any punishment on Turkey
• Parliament concludes budget talks that lasted over a month due to many disagreements and longer than expected speeches. Budgets will now be discussed from 6-17 December
• HealthMin says the Omicron variant has not yet been detected in Turkey, noting that it had taken precautions last week to ban travel from 5 African countries - Duvar

Data/Events:

• 0700GMT Nov markit ISO PMI mfg, 51.2 prior
• 0900GMT & 1100GMT Erdogan speaks in Ankara