U.S. President Joe Biden convened with the leaders of Finland and Sweden at the White House to offer robust U.S. support for their applications to join NATO, despite Turkey’s opposition. “Finland and Sweden make NATO stronger,” Biden said. President Recep Tayyip Erdogan, who previously criticized Finland and Sweden as lacking a clear stance against terrorist groups, tweeted that Turkey told allies it will reject Sweden and Finland’s membership. On the other hand, Finnish President Sauli Niinisto is committed to ensuring Turkey’s security if its bid to join the transatlantic alliance is successful. “Finland has always had good bilateral relations with Turkey. As NATO allies, we will commit to Turkey’s security, just as Turkey will commit to our security,” Niinisto added. In the meantime, President Joe Biden’s security adviser stated that Turkey’s concerns regarding Sweden and Finland’s entry into NATO can be resolved.
Risk appetite has decreased in the global markets following the Federal Reserve’s messages about tightening and economic slowdown caused by China’s zero-COVID policies. Equity outflows at the global markets and completion of the companies’ financial statements for the first quarter exert pressure on Borsa Istanbul’s BIST 100 Index. The levels of 2,380 points and 2,360 points will be followed, respectively, if the index remains below 2,400 points, according to Murat Barisik, Research Director of Ata Yatirim. “BIST 100 Index should exceed the resistance level of 2,425 points for buying to be accelerated,” Barisik said, stressing that they will track the level of 2,450 points to 2,500 points, respectively. He also warned about the possible increase in volatility caused by internal and external developments in the coming days. Ata Yatirim suggests adding companies with solid foundations, stories and exports to your investment portfolio. Barisik named TAV Airport, Birlesik Magazalar AS (BIM), Arcelik, Erdemir, Migros, Turk Telekom and Sisecam as examples. It is noteworthy that the BIST 100 Index dropped by 0.05% to 2,393.61 points on Wednesday from the previous close of 2,394.83 points. The markets were closed yesterday due to the Commemoration of Ataturk, Youth and Sports Day.
Turkey’s fourth drilling ship arrived at its destination in the Tasucu Port in the southern province of Mersin yesterday. The ship started its journey from the Okpo Port in South Korea on March 7 and will stay at the port in Mersin for about two months in preparation for its first drilling exercise in the East Mediterranean. The new vessel is a seventh-generation deep-water drillship, one level higher than the three other ships in the country’s fleet, Fatih, Kanuni and Yavuz. The addition to the fleet is part of the national policy to advance technology and use local equipment for energy projects.
The Treasury and Finance Minister Nureddin Nebati convened with Cuban Deputy Prime Minister Ricardo Cabrisas Ruiz. The parties comprehensively discussed steps to contribute to Turkish-Cuban economic cooperation, including tourism, and strengthening bilateral commercial ties.
DAILY AGENDA
The consumer confidence index increased by 0.4% to 67.6 points in May, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).
The non-domestic producer price index (ND-PPI) jumped 97.11% in April, compared to the same month last year, according to TurkStat. The ND-PPI rose by 2.61% on a monthly basis.
The private sector’s outstanding loans received abroad dropped by USD 1.7bn to USD 167.3bn in March, compared to the end of 2021, according to the Central Bank.
The Banking Regulation and Supervision Agency (BDDK) and the Central Bank will release weekly money and banking statistics (2.30 p.m.).
The Ministry of Treasury and Finance will release the central government’s external debt figures for April (5.30 p.m.).
