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Simsek Says Gulf Investment to Arrive This Year; IP Rises Above Expectations

TURKEY
  • The first tranche of investment agreements signed with Gulf countries is set to arrive in Turkey this year, Turkish daily Yeni Safak cites Simsek as saying in an interview. “Our objective is to achieve a sustained reduction in inflation following a transitional period… inflation is expected to continue rising in the coming months due to certain temporary factors” he said. Simsek acknowledged that recent tax hikes contribute to inflation but assured that these adjustments are one-time measures and will not be repeated.
  • Seasonally and calendar adjusted industrial production rose 1.6% m/m (Est: -2.3%) in June versus revised +1.4% in May. The yearly figure rose 0.6% (Est: -3.0%) versus a revised +0.2% the month prior.
  • Meanwhile, Turkey’s adjusted unemployment rate rose to 9.6% in June from 9.5% in May, according to the Turkish Statistical Institute.
  • The tensions in the Black Sea were addressed during a National Security Council meeting, Milliyet report. The council statement urged for a ceasefire, stating that “reverting to the grain agreement would contribute to food stability.”
  • Current account balance data is on the docket tomorrow morning (Est: +USD0.30bln; Prior: -USD7.93bln).
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