Mid-Week Update

TURKEY - In Brief 26 Feb 2020 by Atilla Yesilada

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I have not titled this Market Brief, because too many issues are on the agenda of the markets, which makes it very difficult to find a common threat to express in a brief headline. They are mostly negative. These are Idlib, Libya, Covid-19 CBRT head Uysal’s speech Bursa Joint Chambers of Industry of Commerce and Industry which is market neutral or negative, but there is another rub. Regarding Idlib, Moscow denied that there is preparation for a summit among Putin, Erdogan, Macron and Merkel. A Russian delegation is in Ankara again, but reportedly Erdogan’s request to talk to or visit Putin is yet to be honored. In the meantime, Russian Foreign Affairs Minister Sergei Lavrov “rejected calls for a halt to a Russia-backed Syrian offensive in Idlib in northwest Syria. “This is capitulating before terrorists and even a reward for their activities in violation of international treaties and numerous UN Security Council resolutions,” Lavrov told the UN Human Rights Council in Geneva. Lavrov accused some governments of “a desire to justify outrageous acts committed by radical and terrorist groupings” (link here). As far as the theatre of war, Turkey-backed rebels once again captured Nairab in northwest Syria’s Idlib province, the first area to be taken back from advancing Syrian regime forces, in retaliation of which Assad’s forces staged attacks in other fronts, as ferocious Russian air bombardment continued to kill and herd civilians to Turkey’s borders. So far, I see no sign of softening in Kremlin’s hardline position and no outcome but Erdogan giving up on persuading Russia to push Assad back, ordering Turkish Military to get back what Ankara demanded at the table. In Libya...