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Trade Deficit Narrows in September

TURKEY
  • Turkey’s trade deficit narrowed to $5.012bln (Est: -$5.00bln) in September from a revised -$8.681bln in August, according to the Turkish Statistical Institute. Exports fell 0.5% y/y while imports fell 14.6% y/y.
  • Turkey's tourism arrivals rose 5.67% y/y in September, little changed compared to the +5.65% in August, according to Turkish Culture & Tourism Ministry.
  • Simplification steps taken in response to the loss of momentum in TRY deposit rates will bring dynamism to a rate that’s fallen below 40%, Ekonomi report. The easing in bond purchase obligations is also expected to have an upward impact on bond yields and loan rates.
  • President Erdogan will chair a cabinet meeting at 1330BST/1530 local in Ankara. Looking ahead, S&P Manufacturing PMI is on the docket tomorrow while CPI data is the highlight of the week on Friday (Est: +62.50% Y/Y).

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