Turkey – Factors to Watch on March 6

ISTANBUL, March 6 (Reuters) – Here are news, reports and events that may affect Turkish financial markets on Wednesday.

The lira stood at 5.3910 against the U.S. dollar at 0429 GMT, little changed from a close of 5.3880 on Tuesday.

The yield on the benchmark 10-year bond stood at 15.23 percent on Tuesday, down from 15.28 percent on Monday.

The main BIST 100 share index fell 0.44 percent on Tuesday to 103,730.59 points.


Asian stocks clung to narrow ranges on Wednesday as investors awaited fresh clues on the progress of U.S.-China trade negotiations, with a weaker Wall Street finish capping broader gains. Robust U.S. economic data supported the dollar, but its Australian counterpart slid after data showed the economy slowed more than expected in the fourth quarter.


Turkey’s central bank will hold its monetary policy committee meeting and announce its decision on interest rates (1100 GMT). The bank is seen keeping its policy rate unchanged at 24 percent, a Reuters poll showed on Friday, with economists expecting it to start easing in June and by a total 500 basis points by year-end.


The U.S. State Department said on Tuesday that Washington has made clear to Turkey that if it proceeds with the purchase of a Russian air defense system the United States will have to reassess Ankara’s participation in the F-35 fighter program.

Earlier, the top U.S. general in Europe said he would recommend that the United States should not sell Lockheed Martin Corp F-35 jets to NATO ally Turkey if Ankara does not drop plans to buy S-400 surface-to-air missile defense systems from Russia.


President Tayyip Erdogan will speak at an event at the presidential palace entitled “Turkey’s biggest farming family in the nation’s house” (0800 GMT). He will also hold an election rally in the southeastern province of Malatya (1130 GMT).


Finance Minister Berat Albayrak will speak at a meeting with business people in the northwestern province of Kocaeli (0800 GMT).


Azerbaijan’s state-owned energy company SOCAR has begun exporting middle distillate and fuel oil cargoes from its STAR oil refinery in Turkey, according to traders and shipping data.


Retailer Migros said it had a net loss of 835.6 million lira ($155 million) last year. It said it will open 100 stores in 2019 and targets consolidated sales growth of 20 percent.


The construction company said its net profit fell to 1.58 billion lira in 2018 from 2.57 billion a year earlier.

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Istanbul National-100 stock index, interbank lira trading, lira bond trading ($1 = 5.3847 liras) (Compiled by Daren Butler)

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