Turkish Factories Halt Production Amid NatGas, Electricity Shortages

LOCAL NEWS

• Turkish factories halt production for at least 3 days amidst the ongoing natural gas crisis and electricity cuts following an interruption in Iranian supply.
  • Some sectors such as meat and dairy were granted exemptions due to food waste and disruption of the supply chain. Most affected companies should restart operations on 27 Jan
• US state Dept says it is disappointed with the increased restrictions on freedom of press and speech in Turkey relating to Sedef Kabaz, whom Erdogan threatened to silence. “We believe freedom of expression strengthens democracy and it needs to be protested.
  • We are aware of and we’re disappointed by the attention and arrest of Sedef Kabas”
• Borsa Istanbul implements one-day uptick rule on short selling of shares on BIST-50 index for Tuesday, Turkish exchange says in filing.
  • The price that short selling will be executed should be higher than the latest trading price of the security. The measure follows Monday’s slump in Turkish equities
• Turkish Cypriot ruling party (UBP) wins early elections increasing its share of the vote to 39.5%, while the opposition CTP gained 32%. The UBP has close ties to Erdogan, and secured 24/50 seats in parliament.
• It is expected to form a coalition with the right-wing democratic party. Voter turnout was notably low at 57.6%

Data:

• 0700GMT: Jan Real Sector Confidence SA, 110.1 prior
• 0700GMT: Jan Real Sector confidence NSA, 106.1 prior
• 0700GMT: Jan Capacity Utilization, 78.7% prior