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Erdogan Expected to Reaffirm Support for Ukraine

TURKEY
  • Ukrainian President Zelenskiy is set to visit Turkey today, during which Turkey are set to stress their support for Ukraine, according to a Turkish source. Zelenskiy and Erdogan are set to hold talks on the war, the Black Sea grain deal and bilateral relations set for 1600GMT.
  • Fitch are set to announce the results of their ratings review into the Turkish sovereign, which currently sits at 'B; Outlook Stable'. Ahead of the review, Treasury minister Simsek sees the rating as "most likely" to be raised in the coming months. Simsek also noted in his interview with CNNTurk TV that there are some market nerves ahead of the March 31st local elections - but following the vote, the country will move to a lower level of political uncertainty.
  • Simsek reiterated his focus on reducing the budget deficit, reining in inflation and helping the current account. FX demand clearly remains an issue, with Simsek citing foreign currency buying as the source for the drop in Turkish reserves.
  • Foreign minister Fidan is in Washington for talks today, however headlines are unlikely. There are no substantive economic releases due until next week's industrial production and current account balance release.
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