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Manufacturing Confidence Falls Slightly in October

TURKEY
  • Turkey's manufacturing confidence fell to 103.3 in October from 104.4 the month prior, according to the Central Bank of Turkey. Adjusted manufacturing confidence was 105.3 (Prior: 105.1) while capacity utilisation was 77.4% (Prior: 77.3%).
  • President Erdogan held a phone call with Russian President Putin on Tuesday. Turkey’s Communications Directorate said in a statement that two leaders discussed the Israel-Hamas conflict. The call comes amid increasing diplomatic efforts by Turkey regarding the escalating crisis. Over the weekend, Foreign Minister Fidan met with his counterparts from Iran, Russia, Azerbaijan and Armenia.
  • Looking ahead, the CBRT rate decision is the key event of the week, where another large-scale rate hike is expected. Our preview of the decision, with sell-side analyst views, can be found here.
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