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Manufacturing Confidence 108.2 in June

TURKEY
  • Turkey's manufacturing confidence was 108.2 in June (Prior: 108.3), according to data from the Central Bank of Turkey. Adjusted manufacturing confidence was 105.7 while capacity utilization was 76.8%.
  • Mehmet Simsek is working on projects aimed at young people including discounts on mobile phones, free internet and youth bank projects, President Erdogan said as cited by Hurriyet. “We will keep our promises to the youth,” he said.
  • There are no other notable data releases scheduled for release today. The CBRT rate decision is the highlight of the week where a significant rate hike is expected to be delivered following the appointment of a new Treasury and Finance Minister and central bank Governor. Both appointments signal a return to more orthodox monetary policy though there remains high uncertainty regarding the magnitude of the hike in June as well as the pace of a return to conventional policy more broadly.
  • Among sell-side analysts, there is wide range of views surrounding the magnitude of the potential rate hike with Bloomberg estimates ranging from 14% to 40%. Our full preview of the decision will be released later today.
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