Turkey – Factors to watch on July 9

Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira USDTRY traded at 40.0500 against the U.S. dollar at 0448 GMT, little changed from Tuesday’s close of 40.0240.

The main BIST 100 share index XU100 closed 1.08% lower at 9,998.20 points on Tuesday.

GLOBAL MARKETS

Major stock indexes mostly inched lower and U.S. copper prices jumped to a record high on Tuesday as U.S. President Donald Trump announced he would impose a 50% tariff on imported copper, broadening his global trade war.

OPPOSITION CRACKDOWN

A Turkish court on Tuesday ruled the mayor of the southern city of Adana should be held in jail pending trial on corruption charges, as a legal crackdown on the main opposition continues.

Main opposition CHP leader Ozgur Ozel to visit jailed Istanbul Mayor Ekrem Imamoglu at Marmara prison and attend a rally against the crackdown in Istanbul. (0800/1730 GMT)

WITHHOLDING TAX

Turkey has increased the withholding tax on short-term Turkish lira deposits and investment funds by 2.5 percentage points, according to a decree published in the Official Gazette on Wednesday.

The withholding tax rate for short-term lira deposits and investment funds has been raised to 17.5% from 15%. For deposit accounts with a maturity of up to six months, the rate was increased to 17.5%, while for those with a maturity of up to one year, it was raised to 15% from 12%.

PRESIDENT ERDOGAN

President Tayyip Erdogan to attend his ruling AK Party’s parliamentary group meeting. (0900)

FOREIGN MINISTER IN PAKISTAN

Foreign Minister Hakan Fidan and Defence Minister Yasar Guler to hold meetings in Pakistan’s capital Islamabad.

ENERGY MINISTER IN AUSTRIA

Energy Minister Alparslan Bayraktar to attend the 9th OPEC International Seminar in Vienna, Austria.

TRADE MINISTER

Trade Minister Omer Bolat, Industry and Technology Minister Mehmet Fatih Kacir, Agriculture Minister Ibrahim Yumakli and Transport Minister Abdulkadir Uraloglu to attend the opening conference of Product Safety Week. (0700 GMT)

TOURISM MINISTER

Tourism Minister Mehmet Nuri Ersoy to attend the opening of the Turkic States Organization tourism ministers’ meeting. (0645 GMT)

PKK DISARMAMENT

Militant fighters of the Kurdistan Workers Party (PKK) will begin handing over weapons in groups in the northern Iraqi city of Sulaymaniyah on Friday as part of a peace process with Turkey, Turkish broadcaster NTV reported on Tuesday.

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