04:42דצמבר 01, 2021Reuters

Turkey - Factors to Watch on Dec 1

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

The lira (TRYTOM=D3), () stood at 13.6185 versus the U.S. dollar at 0441 GMT, weaker than a close of 13.415 on Tuesday. It touched a record low of 14 late on Tuesday.

The main BIST 100 share index (.XU100) rose 0.03% to 1,809.65 points on Tuesday.

GLOBAL MARKETS

Asian stocks rose from a one-year low on Wednesday as U.S. share futures and oil recovered from the previous day's selloff, but uncertainty over the impact of the Omicron coronavirus variant kept investors on edge.

ERDOGAN PROGRAMME

President Tayyip Erdogan will address members of his ruling AK Party in parliament (0900 GMT). He will later attend an event on education (1100 GMT).

FOREIGN MINISTER

Foreign Minister Mevlut Cavusoglu will be in Riga to attend the second and last day of a NATO Foreign Ministers meeting and hold talks with some of his counterparts in the alliance.

OPPOSITION

Meral Aksener, chairwoman of the opposition Iyi Party, will address lawmakers from her party in parliament (0730 GMT).

PARLIAMENT SPEAKER

Parliament Speaker Mustafa Sentop will be in Warsaw to meet his Polish counterpart and other officials. He will hold a joint news conference with Polish Parliament Speaker Elzbieta Witek.

LIRA

Turkey's lira plunged as low as 14 to the U.S. dollar and hit new lows against the euro on Tuesday, capping a historical month of selling after President Tayyip Erdogan again endorsed aggressive interest rate cuts despite widespread criticism and soaring inflation.

GDP DATA (TRGDPQ=ECI)

Turkey's economy grew 7.4% year-on-year in the third quarter, meeting expectations on the strength of retail demand, manufacturing and exports, official data showed on Tuesday, though it did not ease worries over the setting of policy.

MINIMUM WAGE

Turkey's minimum wage commission will convene under Labour Minister Vedat Bilgin to discuss 2022 wages (1100 GMT).

Erdogan said on Tuesday that the government will protect workers from price increases with a hike in the minimum wage next year.

BANKS

Turkey's banking watchdog (BDDK) advised lenders to show "utmost sensitivity" about preventing loans from being used as crypto assets or being taken out of the banking system, according to a document obtained by Reuters and a banker who confirmed it.

CENBANK MOU WITH TURKMENISTAN

Turkey's central bank said on Tuesday it signed a memorandum of understanding with the Central Bank of Turkmenistan, laying the groundwork for what it called continued cooperation in the field of central banking.

MEDICINE SHORTAGE

Turkish authorities are probing discrepancies between records and actual supplies of some medicines, the Health Ministry said on Tuesday, after consumers, pharmacies and industry heads warned of disruptions to supplies due to a currency crash.

PMI DATA (TRPMIM=ECI)

Turkey's manufacturing Purchasing Managers' Index (PMI) for November will be announced (0700 GMT).

ISTANBUL PRICES (TRISTI=ECI)

The Istanbul Chamber of Commerce (ITO) will announce November retail price data for Turkey's largest city (0930 GMT).

COVID-19

Turkey logged 25,216 new COVID-19 cases on Tuesday, health ministry data showed. Turkey recorded 207 deaths from the virus in the same period.

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