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Turkey, Russia, Syria, Iran Defense Ministers to Meet in Moscow

TURKEY
  • Defense Ministers of Turkey, Russia, Syria and Iran are set to meet in Moscow on Tuesday, according to a statement by Turkish Minister Hulusi Akar. The statement says the meeting aims to find solutions to problems via discussions and bring peace to the region. Note Turkey, Russia and Syria’s defense ministers agreed in December that they would continue to hold ongoing meetings with the attendance of Iran.
  • Turkey's manufacturing confidence rose to 108 in April (Prior: 105.2), according to data released by the CBRT. Adjusted manufacturing confidence was 105.1 while capacity utilisation rose slightly to 75.4% from 73.5%.
  • President Erdogan is scheduled to speak at ceremony for an electric vehicle battery plant at 1230BST/1430 local time.
  • The CBRT rate decision is the key risk event this week. Sell-side analysts are uniform in seeing no change to the 8.5% key rate on Thursday, though risks are skewed to one more cut ahead of the elections on May 14.

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