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Local Equities Stable at Lower Levels Ahead of Fed Decision

TURKEY
  • Speaking in an interview with Dunya, Burcu Ünüvar, Chief Economist and Director of Economic Research at the Industrial Development Bank of Turkey, stated that the Central Bank's written communication after the MPC did not signal an interest rate cut for this month. However, the data-dependent nature of monetary policy means a further rate cut cannot be ruled out.
  • MNI’s full CBRT preview here: https://marketnews.com/mni-cbrt-preview-september-2022-expected-unchanged-despite-august-surprise
  • President Erdogan will speak at a meeting with US think tanks in New York. He is then scheduled to meet American businesspeople. There are no domestic economic releases scheduled today.
  • One of the foremost rivals to President Erdogan ahead of his election campaign next year, the mayor of Istanbul Ekrem Imamoglu, is to stand trial on charges of insulting Turkey’s election authorities. A successful conviction here could result in Imamoglu being barred from running next year.
  • Market focus will turn to the Fed rate decision today where a 75bp hike is expected. With USDTRY already at record highs, the decision could prompt a new wave of strength in the pair. Local equities remain lower on the week but have stabilised somewhat after recent spells of weakness.
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