May 29, 2018 / 5:27 AM / a year ago

Turkey - Factors to Watch on May 29

ISTANBUL, May 29 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Tuesday.

The lira stood at 4.5750 against the U.S. dollar at 0524 GMT, firming from a close of 4.58. It rebounded on Monday after the central bank said it would return to using the one-week repo rate as its benchmark in the latest move by authorities to reassure investors about the direction of monetary policy.

The yield on the benchmark 10-year bond was at 14.20 percent in spot trade on Monday and fell to 14.16 percent in Tuesday-dated trade.

The main BIST 100 share index rose 3.22 percent to 106,525.25 points on Monday.


Asian shares fell on Tuesday and the euro hovered near 6-1/2 month lows as early elections loomed in Italy, but a revival in diplomatic talks with North Korea and a retreat in oil prices from recent highs supported sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.5 percent after three consecutive sessions of gains.


President Tayyip Erdogan will make a speech at a meeting to present his ruling AK Party’s lawmaker candidates for the city of Istanbul (1000 GMT). Erdogan will also speak at an election rally at Corlu in the northwestern province of Tekirdag (1400 GMT) and at an event to commemorate the Ottoman conquest of Istanbul (1734 GMT).


Deputy Prime Minister Mehmet Simsek and Central Bank Governor Murat Cetinkaya will meet investors in London to reassure them about the direction of policy after the lira sank 20 percent slide in the value of the lira this year, prompting an emergency rate hike and a decision to simplify monetary policy.


Foreign Minister Mevlut Cavusoglu will meet Germany Chancellor Angel Merkel and his German counterpart as they mark the 25th anniversary of an arson attack in Solingen where two Turkish women and three girls from the family were killed by right-wing extremists.


The retailer said it will hold a rights issue to increase its share capital to 657.7 million lira ($144 million).

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Istanbul National-100 stock index, interbank lira trading, lira bond trading ($1 = 4.5793 liras) (Writing by Daren Butler)

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