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Erdogan Continues Diplomatic Efforts Amid Ongoing Israel-Hamas Crisis

TURKEY
  • President Erdogan has engaged in a fresh series of diplomatic efforts amid the ongoing conflicts between Israel and Hamas, holding multiple phone conversations to address the crisis, Hurriyet report. The President’s office confirmed that he spoke with the Hamas political bureau chief to affirm "his intentions to facilitate humanitarian aid to Gaza and provide medical treatment for the injured in Turkey if necessary." In another call, Erdogan discussed the situation in Gaza with NATO Secretary-General Jens Stoltenberg.
  • Adjusted consumer confidence rose to 74.6 in October from 71.5 in September, according to the Turkish Statistical Institute.
  • While gold imports decreased from record levels reached before the election, silver imports increased by 234% on a monthly basis in September, Sozcu report.
  • There are no other data releases on the docket today. Looking ahead, another large-scale rate hike to the one-week repo rate is expected by the CBRT on Thursday. However, with headline inflation running above 60% and expected to increase through year-end, real rates still remain deeply negative.

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