Turkey – Factors To Watch on March 22

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

The lira USDTRY traded at 32.1525 against the U.S. dollar at 0718 GMT, weakening from a close of 32.0700 on Thursday.

The main BIST 100 share index XU100 closed 2.07% higher at 9,140.70 points on Thursday.

GLOBAL MARKETS

Chinese stocks were a sea of red on Friday and the yuan fell sharply, dragging down the broader mood in Asia and putting a dent in the rate cut rally after a surprise move from the Swiss National Bank had investors wagering on who could be next.

ERDOGAN SCHEDULE

President Tayyip Erdogan will hold two rallies ahead of local elections on March 31, speaking in the northern provinces of Karabuk (1100 GMT) and Cankiri (1300 GMT).

RATE HIKE (TRINT=ECI)

Turkey’s central bank unexpectedly hiked interest rates by 500 basis points to 50% on Thursday, citing a deteriorating inflation outlook and pledging to tighten even further if it expects the price situation to worsen significantly.

GOLDMAN SACHS

Goldman Sachs said on Thursday that the 500 basis point policy rate hike by the Turkish central bank is a one-off adjustment to address inflation and depreciation expectations, not the beginning of a hiking cycle.

CAPACITY USAGE (TRCAPU=ECI)

The Turkish central bank will announce the capacity utilisation rate for March (0700 GMT).

MANUFACTURING CONFIDENCE (TRGRWT=ECI)

The central bank will also announce the manufacturing confidence index for March (0700 GMT).

TAV AIRPORTS

TAV Airports said it decided to participate in additional investments in Madinah airport.

VICE PRESIDENT

Vice President Cevdet Yilmaz will attend a meeting with business leaders in Kocaeli (1200 GMT).

MAIN OPPOSITION

Ozgur Ozel, leader of the main opposition Republican People’s Party (CHP), will attend local election rallies in the western province of Izmir.

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