What matters this morning

The hotly anticipated Biden-Erdogan meeting was held yesterday. President Recep Tayyip Erdogan said that he had a comprehensive talk with the U.S. President Biden, who defined the meeting as ‘very good’ at a separate press meeting.

Speaking at a press conference after the NATO summit, President Erdogan noted that both parties agreed to use direct channels of dialogue effectively and regularly, befitting the two allies and strategic partners. Regarding the Afghanistan issue the parties came to an agreement. “The U.S. support in diplomatic, logistic and financial matters is crucial if the Turkish troops in Afghanistan are asked not to leave the country,” said President Erdogan.

On the PYD/PKK side, Erdogan stressed that they both expressed at the NATO Summit and bilateral meetings that the support given to the PYD/PKK terror group should be ended.

 “We expressed the same thoughts on the S-400s and the F-35s to President Biden as we had before,” said Erdogan. In the meantime, nothing was discussed between Biden and Erdogan regarding April 24, when Biden recognized the events of 1915 as ‘genocide’ in his statement.

The statements by Biden-Erdogan seem to have not satisfy the markets. USD/TRY which had stood at 8.40 prior to the meeting, exceeded 8.47 yesterday. USD/TRY reaches 8.54 this morning. EUR/TRY, which also increased from 10.20 to 10.27-10.28, sees 10.37 this morning.

Oil prices rose for the fourth successive day as hopes regarding Iran’s return to the oil markets decrease after the U.S.-Iran nuclear talks take longer than expected. Brent crude exceeds USD 73 per ounce. In the meantime, gold prices declined for the third consecutive day. Spot gold is traded at USD 1,867.


The number of paid employees including manufacturing, construction, trade-services sectors increased by 17.1% from 11.4 million to 13.4 million in April, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat).

The Ministry of Treasury and Finance will release the Central Government Budget Balance statistics for May (11.00 am). The central government’s budget posted a TRY 16.9bn deficit in April. 

President Recep Tayyip Erdogan will convey with Azerbaijan President Ilham Aliyev.

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