Macro View
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Inflation Surprised on the Downside

Consumer prices rose 0.01% MoM in November, notably lower than the market consensus of 0.48%. Meanwhile annual inflation rose to rose 7.3%  This is the lowest level of 12-month Consumer Price Index since May 2013. However, current year-to-date inflation is 6.9% which is 10 bps…

Business Reports
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Turkey Expanding Business Into Africa

Recently, Citi surveyed companies in Bahrain, Czech Republic, Jordan, Hungary, Poland, Poland, Romania, Russia, Turkey and the UAE, with annual average revenues of $44m to see their expansion plans. The results suggest that most bosses are looking forward to expand to neighboring or close countries,…

Equities
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Draft Revealed For Regulation on Consumer Loans

The burning question has been how the Banking Supervisory would regulate the consumer loans with some tightening tools. Yesterday, the draft for new regulations were revealed on consumer loans and credit cards with the intention of slowing general purpose lending. Some expected restrictions are listed…

Macro View
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Capacity Utilization Drops in November

Capacity utilization rate (CUR) was realized at 75.6% in November. It means an increase 160 basis points compared to last year but a slight decline month over month by 80 basis points. Seasonally adjusted CUR also dropped to 74.9% by 90 basis points. Looking at…

Politics
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This is the End of Iranian Conflict?

Iran’s accord with world powers to limit its nuclear program in exchange for as much as $7 billion in relief from sanctions. With this agreement, Iran lower is its nuclear activities but wins an easing of certain sanctions on oil, auto parts, gold and precious…

Macro View
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How Deep is Turkish Financial Markets?

What I mean by Turkish financial markets is the exchange office in Istanbul, of where the government of Turkey spurts to develop as global finance center. Equities, both government and private sector fixed income securities, (equity, precious metal, FX based options and warrants) derivatives, commodities…

Macro View
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CBT Unorthodoxy Reaches For Final Point

The Central Bank of Turkey held its monthly rate setting meeting yesterday and remained all interest rates unchanged as expected but made some technical adjustments such as canceling the monthly repo auctions. The policy rate remained unchanged at 4,50%, while o/n rate at 7,75%, and…

Business Reports
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M&A Deals in Turkey

Mergers and acquisitions deals are generally useful tools for gaining insight about the way where the economy is heading into, in that, they are pure tests for investor sentiment. We expect to see a decreasing number of activities on a pre-recession economy, the opposite way…

Macro View
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Economic Growth Fails to Create Jobs

Today Turkish Statistics Office reported a monthly unemployment rate of 9.8% in August, which was higher than market consensus. The rate was at 9.3% in July. Elsewhere, non-farm unemployment rate jumped to 12.3% from 11.8%, while the labor force participation rate dropped by  0.1 pp…

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