CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GDP Tops Forecast, AKP Prepping Groundwork for Pre-Election Policy

TURKEY
  • GDP data came in ahead of expectations across both the Y/Y and Q/Q release: Q2 growth rose to 2.1% vs. Exp. 1.5% (Prev. 1.2%, Rev. 0.7%), while annual growth picked up to 7.6% vs. Exp. 7.4% (Prev. 7.3%, Rev. 7.5%).
  • Late yesterday, the CBRT again revised requirements for foreign currency holdings, with commercial banks now required to maintain a 10% conversion rate from FX accounts into TRY accounts. Any commercial banks that fall short of these requirements will now have to park an additional 5 percentage points of FX at the CBRT. The regulations are effective as of September 16th.
  • In a slight toward Greece and the US, Erdogan has accused Greece of using its Russian S-300 missile system to lock on the Turkish jets, openly questioning how NATO will respond to Russian weapon systems being used to lock-on to NATO-member aircraft. Erdogan used the supposed event to accuse the US of having issues with Turkey itself, rather than with the complexities of its defense systems.
  • Erdogan’s AKP party continue to talk down the prospect of early elections, claiming that “the election will be held at the time of the election”, however Dunya report that there is growing evidence that the government is preparing legislation on the economy that looks geared toward the lead-up to a nationwide vote. This legislation largely concerns credit forgiveness for those on the lowest incomes as well as young people and the farming community.
  • The government are also looking to establish a legal grounding for the so-called Price Stabilization Committee. After the committee’s presidential decree was annulled by the constitutional court, the government are looking to enshrine the committee in law, with proposals due to be presented to parliament in October.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.