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ENAG inflation research group contends headline figure was 109% y/y, up from April calculation of 105% y/y.
How much market orthodoxy Turkish strongman can swallow is now the question.
Benchmarks are painfully high as SOFR remains above the 5%-level, compared to the 0.05% seen in October 2021, while 12-month Euribor is testing the 4%-level, compared to the minus 0.5% recorded in October 2021.
Input costs and selling prices, however, continued to rise amid reports of currency weakness.
Investors may be encouraged that start could be made on fixing Turkey’s collapsing economy if former finance minister returns to the cabinet. The lira, meanwhile, is back on the slide.
Prospect of removing the Erdogan regime at the ballot box appears to have gone for ever.
Hopes rise Turkish president will clear way for Swedish membership of defence bloc now that his country's elections are over and done with.
As strongman defies the odds to hold on to power, jailed opponent Demirtas warns “a huge operational force has taken over the state”.
As official results announced, challenger Kemal Kilicdaroglu gives fiery speech calling for fight against authoritarian regime and for a true democracy.
Flashing red lights on lira, sky-high inflation, dwindling FX reserves and soaring cost of insuring debt against default. A currency crisis could be around the corner.
HDP co-leader says it is vital to rid country of president’s "one-man” and “freak” regime”.
As lira trades just below 20/$ in the interbank market, rate at the Istanbul Grand Bazaar hovers in the 21s.
With little expectation strongman Erdogan will be toppled in May 28 run-off vote, markets guard against economic calamity.
Lira hits latest record low and cost of insuring debt soars. New data, meanwhile, shows central bank burnt through $17bn in weeks before polls attempting to prop up economy.
In Turkish elections there is a thievery margin. Everybody knows it.
Challenger Kilicdaroglu scores much less than expected. Markets disappointed the era of president’s ‘unorthodox’ economics is not over.
Yes, by rights, it has to be Bye Bye Erdogan in Sunday's Turkey elections. A genius for manipulating idiots has sustained him in power for 20 years, but the aggregation of voter dissatisfactions has generated a faecal tide.
Turkey goes to the polls on Sunday May 14. Any rational analysis says the Erdogan era must end. Country in days and weeks that follow the voting will not be for the faint-hearted.