Turkey - Factors to Watch on June 27

ISTANBUL, June 27 Wed Jun 27, 2012 1:29am EDT

ISTANBUL, June 27 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira was at 1.8110 against the dollar at 0528 GMT, firming from 1.8135 late on Tuesday.

The yield on Turkey's two-year benchmark bond closed at 8.78 percent on Tuesday, down from a previous close at 8.92 percent.

Istanbul's main share index rose 1.1 percent to 60,126 points, outperforming a 0.2 percent rise in the MSCI emerging markets index.

GLOBAL MARKETS

Asian shares rose on Wednesday but the euro was capped as investors concluded a European summit this week will fail to take concrete action to resolve the euro zone debt crisis, with Germany staunchly opposed to sharing the region's debt burden.

The dollar retreated from earlier highs against a basket of major currencies while commodities were mixed, reflecting reluctance by investors to place bets in either direction before the June 28-29 summit in Brussels.

TURKEY AND SYRIA

Prime Minister Tayyip Erdogan said Syria must beware the wrath of Turkey after Syrian forces shot down a Turkish warplane on Friday at the Mediterranean coast. He ordered his armed forces to react to any threat from Syria near the border.

TURKCELL

A shareholder meeting at mobile phone company Turkcell may not take place this week as scheduled because two major shareholders, Altimo, the telecoms arm of Russia's Alfa Group, and Turkish group Cukurova, have failed to settle a dispute over the board's composition and other issues.

Cukurova said in an emailed statement that most of the candidates proposed by Altimo and TeliaSonera for the independent board member position failed to meet the criteria required by the Capital Markets Board, the state regulator.

TANAP PIPELINE

Turkey and Azerbaijan signed an inter-governmental agreement on Tuesday on the $7 billion Trans-Anatolian natural gas pipeline project (TANAP), planned to carry Azeri natural gas across Turkey to Europe.

BESIKTAS

Sports club Besiktas said in a statement to the Istanbul Stock Exchange said it had decided to restructure the football club's debts after it was excluded from UEFA competitions for one year.

Note: For a list of forthcoming events, see.

For other related news, double click on: Turkish politics Turkish equities Turkish money Turkish debt Turkish hot stocks Forex news All emerging market news All Turkish news

For real-time quotes, double click on: Istanbul National-100 stock index, interbank lira trading, lira bond trading (Writing by Daren Butler)

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