Browsing: Bonds

Business Reports
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Turkey: Brokerage Industry Trends

Turkey’s brokerages faced sharp trading falls in a tough climate last year of which 30% reported losses during the first half. That said, we had seen some downsizing-related layoffs as well as some international investment banks simply quitting the business. While this was partly due…

Macro View
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Why Core Inflation Will Stay High?

Turkish central bank has been failed to use its monetary policy tools to maintain low inflation. The headline inflation rate has been extremely volatile due to fluctuating food prices, while core inflation has remained stubbornly above the target rate of 5% over the past five…

Macro View
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Turkey: End of the Benign Cycle in Inflation?

The results of Turkish central bank’s survey of expectations released which showed that participants were expecting to see monthly reading of 0.65% in May inflation. Having said that, the year-end CPI growth is now projected at 7.80%, 11 basis points lower when compared to the…

Macro View
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Profound Shift In Liquidity Risk

On Sep 15 an article appeared on Bloomberg that drew a gloomy picture for the brokerage services industry in Turkey. Some important highlights from the article are as follow: About one third of brokerages posted losses in the first quarter. Austria-based Erste and Kuwait-based Burgan…

Macro View
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March CPI Above Expectations

Monthly inflation came in at 1.19% notably higher than the market consensus of 0.8%, made a bad surprise thanks to food and energy prices. Higher food prices are mostly due to the seasonal effects while the latter filtered into the surprise rise in headline inflation…

Macro View
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Midnight Express

Of course I am not here to talk about the Academy Award winning movie although it has some detail that many Turks find ugly. Our monetary policy markets decided to hold an extraordinary meeting yesterday and it has seemed to have the desired effect so…

Macro View
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10y US Treasury As A Global Markets Driver

At the center of all financial markets, we have the market for US Treasury. US fixed income market play a crucial role in the global economy. Treasurys are denominated in US dollars, the main currency used by central banks and major financial institutions around the…

Macro View
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Yield Seeking Carry Traders Go For Turkish Bonds

Yesterday, we had the data for non-farm payrolls in the US and the number was extremely disappointing as investors expect Fed to postpone the tapering its asset purchasing program. Expectations for longer liquidity in the US, support emerging markets, as Turkish debt offers one of…