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Putin, Erdogan Will Hold Phone Call Today; EU, Turkey to Discuss Trade Relations

TURKEY
  • Russian President Putin and Turkish President Erdogan will hold their first call since Russia withdrew from the Turkey/United Nations brokered Black Sea Grain initiative on July 17. Tass reports, citing a local source: "Turkey is not giving up on its efforts to resume the Black Sea Grain Initiative and has regular communication on this issue with the UN, Russia and Ukraine." Tass reports that the two leaders are also expected to set a time for an upcoming face-to-face meeting during the call. They may also discuss the creation of a gas hub in Turkey, suggested by Moscow in October last year.
  • The EU and Turkey are discussing an update of their customs union as part of the country’s process of re-engagement to regain the trust of European partners and investors, Bloomberg report. “There are difficult issues to be addressed in this regard,” Paolo Gentiloni, the EU commissioner responsible for customs, told Bloomberg Tuesday. “We will look into these with our teams after the summer and see whether it is possible to build on these new signals from Turkey.”
  • In the last year, 487 companies in the textile sector suspended their activities, while the loss in employment exceeded 116,000, Ekonomi report. Sector officials, who attribute the drop to the earthquake, a global decline in demand and increasing imports, warned of further job losses.
  • There are no more major economic releases on the docket today. CPI is the key release of the week tomorrow morning at 0800BST/1000 local time (Est: +46.80% y/y; Prior: +38.21%).
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