US President Joe Biden stated that his government will continue to support the potential sale of F-16 fighter jets to Turkey. The remarks came during a closed-door meeting between President Recep Tayyip Erdogan and Biden on the sidelines of the G-20 summit in Bali, Indonesia, where they discussed bilateral relations between the two countries, particularly trade and security issues, and regional developments, according to a statement from the Communications Directorate. Biden thanked Erdogan for his efforts to help remove obstacles in the Istanbul grain deal and to resume exports from Ukrainian ports, the statement said. The U.S. president also said that Turkey is an “important actor” in Sweden’s NATO accession process. Also, Biden conveyed his condolences to Erdogan over Sunday’s deadly terror attack in Istanbul.
Russia is expected to agree to extend a United Nations and Turkey-brokered deal allowing exports of Ukrainian grain and other farm products from the Black Sea, ensuring a vital flow of foodstuffs to the world market, according to Bloomberg. Russia is likely to allow the deal to renew after its November 19 expiration, according to four people familiar with the situation, all of whom spoke on condition of anonymity to discuss matters which aren’t yet public. They didn’t specify whether Russia would seek to add new conditions in return for the extension or any other details.
Turkey’s benchmark stock index ended yesterday at 4,657.00 points, hitting another all-time high. Borsa Istanbul’s BIST 100 index earned 1.90% or 86.80 points from the previous close with a daily trading volume of TRY 125.2bn. Risk appetite has increased in the markets after the producer price index rose less than expected in the U.S., according to analysts. They also said that Federal Reserve officials’ statements about inflation, which will be monitored, may affect the pricing on the money markets. They stated that the markets will focus on the statements of European Central Bank President Christine Lagarde and Governor of the Bank of England, Andrew Bailey’s, statements. Analysts also noted that 4,350-4,400 points will be the support level and 4,700 points will be the resistance level for the BIST 100 index, in technical terms.
Turkey will aim to bring its greenhouse gas emissions 41% below business-as-usual levels by 2030, raising the target from 21%, according to Environment, Urbanization and Climate Change Minister Murat Kurum. Greenhouse gas emissions will peak in 2038 at the latest and Ankara aims to achieve net-zero emissions by 2053, Kurum said on the sidelines of the COP27 climate summit in Egypt’s Sharm el-Sheikh. “We alone will reduce by 500 million tons of emissions, 41% from the level in 2023,” Kurum added.
House sales dropped by 25.3% to 102,660 units in October, year-over-year, according to the Turkish Statistical Institute (TurkStat).
The Central Bank will release the Residential Property Price Index for September (2.30 p.m.).
>> The number of suspects arrested by Turkish security forces rose to 50 yesterday following the deadly weekend terrorist attack on Istanbul’s Istiklal Avenue, according to security sources.
>> The central government budget balance posted a TRY 83.3bn deficit in October, the highest level of the year, according to the Treasury and Finance Ministry. The 12-month budget deficit rose to TRY 224bn.
>> Payment made from the central government budget for the FX-protected TRY deposit accounts (KKM) has increased to TRY 91.6bn as of the end of October, according to daily DUNYA.
>> The asset size of participation bank Emlak Katilim totaled TRY 93.1bn in the first nine months of the year. The participation bank’s net profit amounted to TRY 1.46bn in the same period.
>> Cash loans surged by 69% to TRY 7.15tr in September, compared to the same month last year, according to data from the Risk Center of the Banks Association of Turkey (TBB).
READ A SELECTED ARTICLE FROM OUR MAGAZINE:
Our Eco Analysis Columnist Alaattin Aktas addresses the profitability of investment instruments in light of inflation.