Turkey – Factors to Watch on Nov 24

ISTANBUL, Nov 24 (Reuters) – Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira , was quoted at 12.77 against the dollar at 0500 GMT, after closing at 12.70 on Tuesday, when it touched a record weakest level of 13.45 in intraday trade.

The main BIST 100 share index (.XU100) rose 1.66% to 1,784.56 points on Tuesday.

GLOBAL MARKETS

Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.

TURKISH LIRA

Turkey’s lira nosedived more than 15% on Tuesday after President Tayyip Erdogan defended recent rate cuts and vowed to win his “economic war of independence”, despite widespread criticism and pleas to reverse course. read more

Anxious Turks struggled to keep up with a bewildering collapse in their currency and the main opposition party leader said the country was experiencing its darkest “catastrophe” as the lira slumped 15% on Tuesday against the dollar. read more

UNITED ARAB EMIRATES

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, the UAE’s de facto ruler, will visit Turkey for talks with President Tayyip Erdogan on Wednesday, as the regional rivals try to repair frayed tied.

The two countries have battled for regional influence and backed opposing sides in conflicts, but Ankara has sought to reduce tensions with the UAE and its Arab allies in recent months.

MANUFACTURING CONFIDENCE

The central bank will announce the economic trend statistics for November, the real sector confidence index, the manufacturing industry capacity utilization rate and the 6-month investment trend statistics. (0700)

OPPOSITION PARTIES

The main opposition CHP (0900 GMT) will hold an emergency meeting to discuss recent economic developments. Another opposition party, the Iyi Party, will hold their parliamentary group meeting. (0730)

COVID-19

Turkey logged 28,170 new COVID-19 cases on Tuesday, health ministry data showed. Turkey recorded 208 deaths from the virus in the same period.

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Compiled by Ece Toksabay

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