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Erdogan Suffers Heavy Defeats in Municipal Elections

TURKEY
  • Erdogan’s AK Party fell behind the main opposition Republican People’s Party (CHP) in Sunday’s municipal elections for the first time ever, according to results published by state broadcaster TRT. Support for AKP stood at 35.5%, while CHP was leading the race with 37.7%, with about 99.8% of the ballots counted, TRT reported. Imamoglu’s CHP retained control of Turkey’s three largest cities and seized mayoral seats in traditional strongholds of Erdogan’s AK Party and his nationalist ally, the MHP.
  • Given that the president has been by-and-large the face of the local elections campaign, the results will come as a blow with the vote having largely been seen as a test of the level of broad nationwide support for the President. Erdogan will chair a central executive board meeting later today (13:00 BST).
  • Separately, Dunya report that despite deposit rates well above targeted inflation, concerns over negative real rates continue to have an impact on investment preferences. Since there is still not enough conviction on a slowdown in inflation, savers’ interest in FX and gold continues.
  • CPI data for March is the highlight of the week tomorrow morning. Headline inflation is seen crossing at +69.05% y/y comparted to 67.07% the month prior. There are no major data releases scheduled for today.
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