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Erdogan Ready to Take Mediation Role in Hamas-Israel Conflict

TURKEY
  • Ekonomi writes that shipowners have reported their concerns about a disruption in trade across their regions that could follow escalated conflict between Hamas and Israeli forces. The shipowners warn that disruptions to operations could jeopardize Turkish foreign trade.
  • Late yesterday, Turkish authorities confirmed that investors looking to engage in offshore currency swaps will be kept waiting for a liberalization of that market due to concerns over a weaker TRY. Turkish officials reportedly saw a removal of controls as not possible in the near-term.
  • The Presidential Cabinet convened yesterday, led by President Erdogan. Among the issues discussed were the economy, the fight against terrorism and regional developments. “We are following rational policies to solve the high cost of living.” Erdogan said as per Ekonomi. In addition, Erdogan announced that a one-time payment of TRY5000 will be paid to retirees in November.
  • The President broke away during the meeting to hold urgent telephone calls regarding the Hamas attack on Israel. According to Hurriyet, Erdogan urged Israel against "indiscriminately" attacking civilians in its war with Hamas militants in Gaza. But Erdogan also delivered measured criticism of Hamas and urged both sides to respect the "ethics" of war. Erdogan reaffirmed his offer to help mediate an end to the violence "if asked".
  • Data out this morning included the August unemployment rate (down to 9.2% from 9.4%) and the August Industrial Production release, which fell short of expectations, dropping to -0.8% M/M vs. Exp. +1.0%, while Y/Y slowed to +3.1% vs. Exp. +5.0%.
  • Later today, Treasury Minister Simsek is set to be interviewed by AHaber at 1100 local time, while Erdogan holds a press conference with his Austrian counterpart at 6.15pm local.
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