Stubborn inflation, desperate corporates
The politics author starts with the story of the takeover of Ciner Holding on charges of money laundering. There is not much new in macro-politics, which shall be covered in depth in our upcoming monthly that we plan for next Sunday, while for the politics author the takeover of all Ciner Holding assets by Turkey’s Savings Deposit Insurance Fund presents a clear and present danger. Which names might be next in line? If rumors are true, Turkish Eurobond and equity markets may experience a huge confidence shock, with the economy cratering in slow motion.
The second story takes a brief look at the improving Trump-Erdogan relationship which is reportedly delivering immediate benefits for both parties. Can this relationship bloom into something that can rewrite the Turkish narrative, or change Erdogan’s policies?
On the econ side, having written on the poor (and stubborn) September inflation print last Friday, we very briefly report on a few other data releases of the week, saving our appetite for a more thorough analysis of the macro environment for the above-mentioned monthly report.
Now read on...
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