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Preliminary Trade Gap Narrows 14.9% y/y in October

TURKEY
  • Turkey’s preliminary trade gap for October narrowed 14.9% y/y to $6.7bln, Trade Minister Bolat said this morning. October exports rose 7.4% y/y to $22.9bln while imports rose 1.3% y/y to $29.6bln.
  • US Secretary of State Antony Blinken and Turkish Foreign Minister Hakan Fidan held in-depth talks about the ongoing war between Israel and Hamas, Hurriyet report. Blinken included Turkey in his Middle East itinerary following his visit to Israel and Jordan.
  • Turkey’s main opposition party, the Delegates of the Republican People’s Party, or CHP, elected Ozgur Ozel as new leader following defeat in the Presidential and parliamentary elections earlier this year. Ozel got 812 votes to Kilicdaroglu’s 536, Anadolu Agency reported. “We will work shoulder-to-shoulder with our organization for our party to take power,” Ozel said in a social media post. As the party’s whip he worked closely with Kilicdaroglu until Erdogan’s victory in May.
  • In its monthly assessment of price developments, the central bank cited the slowdown in PPI pressure in October as the annual figure continues to retreat. It said, however, that food price increases remained strong, and that natural gas had +0.22ppt impact on monthly CPI as consumers exceeded the free-to-use threshold.
  • Unemployment rate and industrial production data are the highlights later in the week.

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