March 18, 2020 / 4:41 AM / 13 days ago

Turkey - Factors to Watch on March 18

ISTANBUL, March 18 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira stood at 6.41 against the dollar at 0438 GMT, slightly weakening from its close on Tuesday.

The yield on the benchmark 10-year bond rose to 12.78% on Tuesday from %12.57 on Monday.

The main BIST 100 share index fell 1.26% on Tuesday to 86,777.69 points.

GLOBAL MARKETS

U.S. stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout of the outbreak.

Most traditional safe-haven assets were also under pressure as battered investors looked to unwind their damaged positions, leading to wide discrepancies between various markets.

CORONAVIRUS

Turkey confirmed late on Tuesday its first death related to the coronavirus and the country more than doubled its confirmed cases to 98, from 47 a day earlier.

President Tayyip Erdogan will chair a meeting regarding the fight against coronavirus on Wednesday and then will inform the public about the steps being taken, Turkey’s Communications Director Fahrettin Altun said.

PRESIDENT ERDOGAN

Turkish President Tayyip Erdogan will chair a meeting on fight against coronavirus (1100 GMT).

INVESTMENT

The central bank will announce international investment position for January (0700 GMT).

CENTRAL BANK RATE CUT

Turkey’s central bank cut its key interest rate by 100 basis points on Tuesday at an earlier-than-scheduled policy meeting and took steps to support volatile financial markets, in an effort to defend the economy from the coronavirus epidemic.

FOUR-WAY SUMMIT

Turkish, German, British and French leaders discussed the Syria crisis and migrant issue as well as joint action against coronavirus in a videoconference, Turkish presidency said on Tuesday.

BAD LOANS

Turkey’s banking watchdog sought on Tuesday to limit an expected burst of non-performing loans due to a coronavirus-related slowdown, by doubling to 180 days the time allowed for loans to remain unpaid before they are classified as NPLs.

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Istanbul National-100 stock index, interbank lira trading, lira bond trading (Compiled by Ezgi Erkoyun)

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