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Second Round Run-Off Likely as Neither Candidate Reaches 50% Threshold

TURKEY
  • With above 99% of ballot box votes counted, results show neither incumbent President Recep Tayyip Erdogan or leader of the opposition alliance Kemal Kilicdaroglu with more than the required 50 percent of the vote to secure presidency. If the results hold and no candidate wins more than half of the total ballots, a second round vote will ensue on May 28.
  • The latest results can be seen in the following link: https://secim2023.hurriyet.com.tr/14-mayis-2023-se...
  • Turkey’s benchmark BIST 100 index dropped 6.4% at the open, the most since the February earthquakes. The pullback in equities has already triggered circuit breakers due to the magnitude of the pull lower, with trade halted in the local market. Some European stocks have also been dented by spillover selling, with Spain's BBVA off near 4% in opening trade.
  • TRY was slightly weaker in light trading in Asia hours as state banks intervened to hold the exchange rate at around 19.65 per dollar, people familiar with the matter said as per Bloomberg.
  • “We don’t yet know if the elections ended in the first round... If our nation has chosen for a second round, that is also welcome,” Erdogan said early Monday, noting that votes from Turkish citizens living abroad still need to be tallied. He gained 60% of the overseas vote in 2018.
  • "If our nation says second round, we will absolutely win in the second round," Kemal Kilicdaroglu told reporters. "The will for change in society is higher than 50 percent."

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