Turkey – Factors To Watch on March 25

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

The lira USDTRY traded at 32.1000 against the U.S. dollar at 0247 GMT, weakening from a close of 31.9900 on Friday.

The main BIST 100 share index XU100 closed 0.32% lower at 9,111.50 points on Friday.

GLOBAL MARKETS

Asian shares dithered on Monday as investors worried U.S. inflation data this week could derail the outlook for lower interest rates, while the risk of currency intervention from Japan stalled the yen’s decline for the moment. China’s central bank also engineered a rally in the yuan after setting a firmer fix for the currency, nudging the dollar lower more broadly.

ERDOGAN SCHEDULE

President Tayyip Erdogan will hold two rallies ahead of local elections on March 31, speaking in the provinces of Tokat(1000 GMT) and Corum (1300 GMT).

VICE PRESIDENT

Vice President Cevdet Yilmaz will visit election coordination centres and meet community leaders in the southeastern province of Bitlis (1000 GMT).

MAIN OPPOSITION

Ozgur Ozel, leader of the main opposition Republican People’s Party (CHP) will stage two election rallies in the southern provinces of Kilis (1000 GMT) and Gaziantep (1300 GMT).

ENERGY MINISTER

Energy Minister Alparslan Bayraktar will attend the international ATOMEXPO-2024 forum in Sochi, Russia.

UNEMPLOYMENT DATA (TRUR=ECI)

The Turkish Statistical Institute will announce employment data for 2023 (0700 GMT).

IRAQ OIL FLOWS

A year after the closure of the Iraq-Turkey oil pipeline, the conduit that once handled about 0.5% of global oil supply is still stuck in limbo as legal and financial hurdles impede the resumption of flows, three sources told Reuters.

Iraq’s oil ministry said on Monday that foreign companies operating in Iraqi Kurdistan were partly to blame for the delay in the resumption of crude exports from the region.

MILITANTS IN NORTHERN IRAQ

Turkey said on Saturday it had “neutralised” 12 members of the outlawed Kurdistan Workers Party (PKK) in northern Iraq’s Metina region as part of a cross-border military campaign that it has warned could expand in coming months.

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