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Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

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Heading North

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Bull Rally Accelerates

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Economists Survey Raises 2021 CPI Forecast To 4.9%

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LOCAL NEWS

  • Erdogan dismisses three central bank MPC members, including two deputy Governors in midnight decree following a meeting with CBRT Gov Kavcioglu, who survived the ordeal.
    • Those dismissed include: Semih Tumen, Ugur Namik Kucuk & Abdullah Yavas and replaced by Taha Cakmak (DG) & Yusuf Tuna (MPC member).
    • This follows a report on Friday showing that Erdogan and the governor had not spoken in weeks and that he was at risk of dismissal himself. No reason was provided for the dismissal
  • Yesterday Cavusoglu hit out at the Russia and US for failing to keep their promises in Syria, forcing Turkey to "take matters into its own hands" and do "whatever is necessary to clear these regions of terrorists."
    • Comes as markets show concern over a new, escalated campaign which saw the lira weaken slightly on recent comments
  • Coalition Govt in Turkish Cyprus offers its resignation to President Tatar after losing its majority in parliament and said an early election should be held as soon as possible.
    • Tatar says he is still assessing the situation before commenting
  • Covid cases exceed 33,000 in Turkey & 237 deaths. HealthMin Koca warns of a stagnation in vaccination rates with he number stalling out around 54.9% fully vaccinated