July 25, 2018 / 5:37 AM / 3 months ago

Turkey - Factors to Watch on July 25

ISTANBUL, July 25 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira stood at 4.8750 against the dollar at 0533 GMT, firming from a close of 4.8840 on Tuesday when it weakened sharply after the central bank left its policy rate unchanged, contrary to expectations of an interest rate hike.

The yield on the benchmark 10-year bond was at 18.67 percent on Tuesday, down from 16.83 percent on Monday.

The main BIST 100 share index fell 3.3 percent to 92,133.82 points on Tuesday.

GLOBAL MARKETS

Asian stocks were higher on Wednesday, supported by strong Wall Street earnings and hopes China’s government spending would boost growth but trade tensions remain in focus ahead of a meeting between the U.S. and European Commission presidents. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 percent.

ERDOGAN

President Tayyip Erdogan departs Ankara on a trip to South Africa (0830 GMT). During his visit he will attend a summit in Johannesburg of the BRICS grouping of emerging economies - Brazil, Russia, India, China and South Africa.

FORMER FINANCE MINISTER

Former Turkish Finance Minister Naci Agbal has been appointed head of the presidential budget and strategy directorate, the country’s Official Gazette said on Wednesday.

FITCH STATEMENT

Ratings agency Fitch said foreign exchange risk would be the biggest risk to the credit quality of Turkish issuers if quantitative tightening occurs faster than Fitch expects.

CAPACITY USAGE

The central bank will announce capacity utilization for July (1130 GMT).

MANUFACTURING CONFIDENCE

The central bank will announce manufacturing confidence data for July (1130 GMT).

IRAN SANCTIONS

Turkey has told American officials it opposes U.S. sanctions on Iran and is not obliged to implement them, Foreign Minister Mevlut Cavusoglu said on Tuesday.

TURK TELEKOM RESULTS

The telecoms company said it had loss of 888.6 million lira ($183 million) in the second quarter.

KORDSA

The industrial fabrics company will hold a news conference on its U.S. investment (0700 GMT).

FORD OTOSAN

The vehicle maker will hold a news conference (0715 GMT)

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Istanbul National-100 stock index, interbank lira trading, lira bond trading ($1 = 4.8672 liras) (Compiled by Daren Butler)

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