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Export Climate Deteriorating Further

TURKEY
  • Hurriyet cite the Istanbul Chamber of Industry’s export climate index as having fallen from 51.8 in June to 50 in July. They saw key export markets experience a fall in demand due to inflationary pressures. Activity in Germany - the single largest destination for Turkish exports - decreased for the first time on a year-to-date basis.
  • The unemployment rate dropped to 10.3% in June, down from a revised 10.6% in May.
  • In another extension of the Liraization push, Hurriyet write that assets including FX and gold that is brought into Turkey before 31 March next year and deposited in a bank for 12 months or more will face a tax rate of zero.
  • The Turkish finance minister speaks later today to industry and business leaders at 2pm local time, while the President meets with his Albanian counterpart. Tomorrow, the Central Bank of Turkey will publish current account balance figures.
  • There are no other domestic releases today, with focus remaining on the US CPI release at 1330BST/0830ET. Markets look for M/M CPI to rise 0.2%, and 0.5% for ex-food and energy.
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