What matters this morning

The section of the EU summit statement on Turkey has been released. Barend Leyts, spokesperson for European Council President Charles Michel, shared the statement on this Twitter account.

The EU is ready to enhance cooperation with Turkey in many fields containing mutual interests in a ‘phased, proportionate and reversable manner’, according to the statement. The EU also noted that they will start technical works for authorization towards the modernization of the Customs Union.

The statement emphasized that the EU leaders prepare for high-level dialogues with Turkey in issues based on mutual interest such as migration, healthcare, climate counterterrorism and regional issues.

The EU Commission will submit a formal proposal for funding Syrian refugees and hosting communities in Turkey, Jordan, Lebanon, and other parts of the region without delay.

The statement, which argued that developments related to the rule of law and fundamental rights in Turkey are a cause for concern, claimed that political parties, human rights defenders and the media were targeted, which led to a decline in democracy, the rule of law and women’s rights.

The EU Council expects Turkey and all actors to make a positive contribution to the resolution of political crises in regional peace and stability in line with common interests of Turkey and the EU.

The respond of Turkey to EU’s expectations will definitely affect the country’s economic outlook positively in the long run. But here is the picture as of today: USD/TRY which exceeded 8.70 towards the closure yesterday, is traded at 8.70 this morning, while EUR/TRY hovers around 10.38-10.40.

Oil prices have increased three successive days as OPEC+ group is expected to ‘walk on eggshells’ regarding production increase in August and growth in demand will surpass the supply. Brent crude rose by 0.12% to USD 75.65 per barrel, while it has surged by 2.9% throughout the week.

Gold prices also rose prior to the U.S. Core Personal Consumption Expenditure Price Index as the Federal Reserve (Fed) officials have sent mixed signals towards interest rate increase. Spot gold surged by 0.43% to USD 1,782 per ounce.


The number of registered road motor vehicles totaled 76,877 in May, according to the Turkish Statistical Institute (TurkStat).

Minister of Treasury and Finance Lutfi Elvan meets Gaziantep business circles (10.00 am).

The Ministry of Tourism and Culture will release foreign visitor figures for May (11.00 am).

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