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☆ Ukraine is given a reprieve by the U.S., but faces race against the clock over weapons supplies
▼ + stars: | 2024-04-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Ukrainian servicemen monitor the situation along the front via drones in the direction of Kreminna, Ukraine as Russia-Ukraine war continues on 31 March 2024. Defense analysts argue that while the funding could help breathe new life and morale into Ukraine's beleaguered military campaign, aid and supplies must be sent to Ukraine immediately. "It's unlikely this will create immediate parity with the Russian volume of fire, but it will help close the gap," Savill said. They point out that further U.S. aid is not guaranteed, particularly given the uncertain outcome of the presidential election later this year. One top U.S. general told Congress earlier in April that Russia was firing five artillery shells for every one fired by Ukrainian forces, and that this disparity could double in the coming weeks.

Persons: it's, Joe Biden, Volodymyr Zelenskyy, Zelenskyy, DANA, Matthew Savill, Savill, tranche, RUSI's Savill, Chasiv Yar, Roman Pilipey, Donald Trump, Timothy Ash, Ash, — Organizations: Anadolu, Getty, Ukraine, Republicans, Democratic, U.S, Senate, Defense, London, Pentagon, Kyiv, Spartan, Afp, Chatham House, RBC BlueBay Asset Management Locations: Kreminna, Ukraine, Russia, U.S, Israel, Taiwan, Ukrainian, Washington, Russian, Czech, Bakhmut, Donetsk Oblast, Roman, British, Chasiv, Donetsk, Eurasia, Western, Luhansk, Ocheretyne, Avdiivka

☆ Turkish annual inflation soars to 67% in February
▼ + stars: | 2024-03-04 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Turkish annual consumer price inflation soared to 67.07% in February, the Turkish Statistical Institute said Monday, coming in above expectations. Analysts polled by Reuters had anticipated annual inflation would climb to 65.7% last month. The combined sector of hotels, cafes and restaurants saw the greatest annual price inflation increase at 94.78%, followed by education at 91.84%, while the rate for health stood at 81.25% and transportation at 77.98%, according to the statistical institute. "Obviously a disappointing set of inflation prints this morning," Timothy Ash, emerging markets strategist at BlueBay Asset Management, wrote in a note. He added that this development has "continued to put downward pressure on the lira," creating an inflation pass-through.

Persons: Liam Peach, Mehmet Simsek, Turkey's, Timothy Ash, Ash Organizations: Turkish Statistical Institute, Reuters, Food, Economics, Capital Economics, Turkish, BlueBay Asset Management, FX Locations: Sariyer, Istanbul, Turkish, London

☆ Russia relishes NATO disarray after hasty denials of plan to deploy ground troops to Ukraine
▼ + stars: | 2024-02-28 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

The United States, Germany, the U.K., Spain, Poland and NATO Secretary General Jens Stoltenberg were among those denying that sending ground troops into Ukraine was an option. She claimed NATO countries' denials that they planned to send their ground troops into Ukraine showed the West had "betrayed Ukraine and will continue to use and betray it," repeating Moscow's baseless claims that Western countries are using Ukraine to destroy Russia. After the conference, Macron said discussions had also covered the possibility of deploying ground troops, although he said there was no agreement on the issue. France was left looking increasingly isolated throughout the day Tuesday, with the White House also distancing itself from Macron's comments. When asked about Macron's comments, Kirby said "well, that's a sovereign decision that every NATO ally would have to make for themselves.

Persons: Vladimir Putin, Sergei Shoigu, Mikhail Metzel, Emmanuel Macron, Jens Stoltenberg, Dmitry Medvedev, Macron, Vyacheslav Volodin, Volodin, Napoleon Bonaparte, Napoleon, Maria Zakharova, Macron's, Stephane Sejourne, John Kirby, Kirby, General Stoltenberg, —, Biden, Timothy Ash, Ash Organizations: Defence, Sputnik, Reuters, NATO, Russian, Russia's Foreign Ministry, Ukraine —, Russian Foreign, Tass, Chesnot, Getty, White, . National Security, Kremlin Russia, Kremlin, Russia, BlueBay Asset Management Locations: Nazi Germany, Moscow, Russia, Reuters Russia, Ukraine, United States, Germany, Spain, Poland, NATO, Russian, France, Canada, Paris, France's, Republic, U.S

☆ Turkey's central bank hikes interest rate by 500 basis points to 40%, well above expectations
▼ + stars: | 2023-11-23 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. Turkey's central bank on Thursday hiked its key interest rate, the benchmark one-week repo rate, by another 500 basis points to 40%. The move was seen as a continuation of the bank's attempt to combat high inflation and a falling lira , the Turkish currency. Timothy Ash, emerging markets strategist at BlueBay Asset Management, was one of the few experts who expected a 500-basis-point hike. "Really impressive move by the CBRT [Central Bank of the Republic of Turkey] - probing their orthodoxy and getting well ahead of expectations," he said in a note.

Persons: Turkey's, Kemal Ataturk, Timothy Ash Organizations: Turkish, BlueBay Asset Management, Central Bank of, greenback Locations: Turkish, Republic of Turkey, Ankara

☆ The West could live with a frozen Ukraine conflict
▼ + stars: | 2023-11-13 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Ukraine may be heading for a similarly frozen conflict with Russia. So a frozen conflict would help the West achieve – at least partly – its key geostrategic aim: to show hostile powers that it doesn’t pay to invade one of its friends. In a frozen conflict, Ukraine would still need to invest heavily in massive fortifications, anti-missile defence systems and technology to deter Russian attacks. ECONOMIC WARIn a frozen conflict, sanctions against Russia would probably remain more or less in place. REBUILDING UKRAINEIt will be harder to rebuild Ukraine’s infrastructure in a frozen conflict than if there was peace.

Persons: Nuzhnenko, Vladimir Putin, Putin, Valery Zaluzhny, Volodymyr Zelenskiy’s, Joe Biden, Donald Trump, Tim Ash, Peter Thal Larsen, Thomas Shum Organizations: Ukraine's National Guard Omega, Radio Free, Radio Liberty, REUTERS Acquire, Reuters, Moscow, Hamas, U.S, EU, International Monetary Fund, Kremlin, Investors, BlueBay Asset Management, Soviet, Cyprus, European Commission, West, Thomson Locations: Avdiivka, Ukraine, Donetsk region, Radio Free Europe, Korea, Cyprus, Russia, Kyiv, –, Israel, United States, Moscow, North Korea, Iran, Russian, UKRAINE, West Germany, Soviet Union

Zambia was the first African country to default in the COVID-19 era, in late 2020, but its restructuring process has been beset by delays. International bondholders also complained they were left out of the process, which started with drawn-out negotiations with bilateral creditors including China. Zambia's three international bonds rose sharply after the announcement, adding as much as 3.9 cents on the dollar, Tradeweb and MarketAxess data showed. The committee of bondholders owns or controls 40% of the outstanding bonds, Zambia's finance ministry added. Earlier this month, Zambia agreed a memorandum of understanding with its official creditors, including China and members of the Paris Club of creditor nations, to restructure about $6.3 billion of debt.

Persons: Situmbeko Musokotwane, Susana Vera, amortization, Rachel Savage, Karin Strohecker, Bhargav Acharya, David Holmes Organizations: Zambia's, International Monetary Fund, World Bank, REUTERS, IMF, Bondholder, Amia, Amundi, RBC BlueBay Asset Management, Farallon Capital Management, Greylock Capital Management, Paris Club, Thomson Locations: Marrakech, Morocco, JOHANNESBURG, Zambia, China, Rosario

How the $13 trillion economy's slowdown will affect other emerging markets is still an unanswered question for investors. "Lower for longer Chinese growth is shaping a new regime of investments," Amundi's head of emerging markets Yerlan Syzdykov told Reuters. The World Bank trimmed its 2024 China growth forecast to 4.4% from 4.8%. 6/DEVELOPING REFORMThe World Bank, IMF and other multilateral development banks are under pressure to boost lending to poorer countries to fund development and tackle climate change. China and other large emerging economies have long demanded a greater say in the global financial architecture, which is still dominated by parameters set out by the 1944 Bretton Woods meeting, where the IMF and World Bank were established.

Persons: Abdelhak, Joseph Cuthbertson, Syzdykov, Anna Gelpern, Gregory Smith, Smith, Mehmet Simsek, Tayyip Erdogan, Erdogan, drubbing, Timothy Ash, Jorgelina, Rosario, Rachel Savage, Marc Jones, Karin Strohecker, Christina Fincher Organizations: International Monetary Fund, World Bank, Palais des, REUTERS, Federal Reserve, International Monetary, PineBridge Investments, Reuters, Bank, Ukraine, U.S, Kyiv, Paris Club, IMF, American, London, G Investments, JPMorgan, Egypt IMF, Fitch, Reuters Graphics Reuters, Finance, BlueBay Asset Management, Thomson Locations: Palais, Palais des Congres, Marrakech, Morocco, Argentina, Pakistan, Kenya, Egypt, CHINA, China, UKRAINE, Ukraine, Zambia, Sri Lanka, Ghana, Georgetown, Nigeria, TURKEY, Ankara, New York, Washington, London, Woods

European Central Bank (ECB) President Christine Lagarde speaks to the media following the Governing Council's monetary policy meeting at the ECB headquarters in Frankfurt, Germany, July 27, 2023. "It's such a close call between the pause and the rate hike," said ING's global head of macro Carsten Brzeski. Traders are torn but favour an ECB pause, pricing in around a 40% chance of a hike. For many economists, one thing is clear: if the ECB has further tightening to deliver, September is likely its last chance. Even the hawks, keeping a hike on the table, say fresh ECB projections on Thursday are key to the decision.

Persons: Christine Lagarde, Kai Pfaffenbach, Reinhard Cluse, Mario Centeno, Isabel Schnabel, Austria's Robert Holzmann, Iain Stealey, Philip Lane, Kaspar Hense, Yoruk Bahceli, Stefano Rebaudo, Dhara Ranasinghe, Susan Fenton Organizations: European Central Bank, ECB, REUTERS, Central Bank, Traders, UBS, JPMorgan Asset Management, Reuters, ING, BlueBay Asset Management, Reuters Graphics Reuters, Thomson Locations: Frankfurt, Germany, Italy

☆ 'The war is coming home to Russia': Ukraine turns the tables on Moscow as drone warfare intensifies
▼ + stars: | 2023-09-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

"The war is coming home to Russia," Timothy Ash, emerging markets strategist at BlueBay Asset Management, said in emailed comments Wednesday. Alexander Nemenov | Afp | Getty ImagesAerial assaults have intensified in recent days with strikes occurring further into Russian territory. Drone warfareRussia blamed Ukraine for the latest drone attacks while Ukraine remained characteristically tight-lipped about these, and previous, assaults. Ukraine has been targeted with thousands of Russian drone attacks during the 19-month-long conflict, with its energy, defense and civilian infrastructure pummeled by swarms of Iranian-made UAVs. Experts agree that Ukrainian forces direct attempts to attack Russian territory and are likely to be assisted by disaffected anti-war Russians at times.

Persons: Vladimir Putin, Alexey Nikolsky, Timothy Ash, Putin, Ash, Alexander Nemenov, Mikhail Razvozhaev, Vladimir Putin's, Kirill Shamiev, Shamiev, Volodymyr Zelenskyy, Zelenskyy Organizations: Afp, Getty, Russian, BlueBay Asset Management, Police, Moscow International Business, Reuters, Russian Ministry of Defense, European Council, Foreign Relations, CNBC, Kremlin, Kyiv, Ukrainian Armed Forces Locations: Orenburg, Russia, Moscow, Russian, Crimea, Ukraine, Kerch, Bryansk, Sevastopol, Kyiv

☆ VIEW Turkey cements policy shift with super-sized rate hike
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. "We should recall that sudden changes in interest rates usually have a delayed effect. "This was also the steepest rate hike since the CBT management reshuffle after the elections in May. We think the strong rate hike meant to address market concerns that the CBT wanted to avoid significant rate hike." TIMOTHY ASH, BLUEBAY ASSET MANAGEMENT, LONDON"Really solid move by the CBRT (central bank) to hike policy rates arguably above expectations by 750bps to 25%."

Persons: Cagla, GRZEGORZ DROZDZ, TIMOTHY ASH, 750bps, Hatice Karahan, Hatice Gaye, PIOTR MATYS, Governor Erkan, Erdogan, LIAM PEACH, Erkan, OZKARDESKAYA, SWISSQUOTE Organizations: Turkey's Central, REUTERS, Reuters, Thomson Locations: Ankara, Turkey, Turkish, EMERGINGMARKETWATCH.COM, SOFIA, GENEVA

☆ Brazil and India seem lukewarm about the enlargement of BRICS, strategist says
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrazil and India seem lukewarm about the enlargement of BRICS, strategist saysTimothy Ash, senior EM sovereign strategist at Bluebay Asset Management, discusses China tensions and says the two countries "don't want to isolate and irritate the West around BRICS."

Persons: Timothy Ash Organizations: Bluebay Asset Management Locations: Brazil, India, China, BRICS

☆ Tumbling rouble claws back ground as central bank to meet
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +6 min

Putin's economic adviser Maxim Oreshkin earlier said the central bank could ensure that the pace of lending drops to sustainable levels with higher rates. "The central bank has all the tools to normalise the situation in the near future." Asked earlier whether it might make an emergency hike from the current 8.5%, the central bank declined to comment. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters. "The central bank doesn't want to kill the economy and businesses in the same way it had to last year," he said.

Persons: Rouble, Vladimir Putin's, rouble, Putin, Maxim Oreshkin, Oreshkin, Denis Popov, Popov, Matt Vogel, REUTERS Central Bank Governor Elvira Nabiullina, Vladimir Solovyev, Ivan, Timothy Ash, Ian Melkumov, Alexander Marrow, Marc Jones, Gareth Jones, Philippa Fletcher, Christina Fincher Organizations: TASS, of Russia's, FIM, Moscow News Agency, Handout, REUTERS Central Bank Governor, Popular, Kremlin, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Moscow, Russia, London

☆ Russian rouble sinks, Kremlin blames loose monetary policy
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters, although it has aggressive tools that it is currently reluctant to use. "(But) the central bank doesn't want to kill the economy and businesses in the same way it had to last year."

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Ian Melkumov, Alexander Marrow, Gareth Jones Organizations: TASS, Kremlin, of Russia, Moscow News Agency, Handout, REUTERS, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Russia, Moscow, London

☆ Kremlin blames loose monetary policy as rouble slides past 100 vs dollar
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. "It is in the interests of the Russian economy to have a strong rouble." The central bank hiked rates by 100 basis points in July to 8.5%, having held them steady since September. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility.

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Alexander Marrow, Felix Light, Guy Faulconbridge, Gareth Jones Organizations: Moscow News Agency, Handout, TASS, Kremlin, Bank of, BlueBay Asset Management, Reuters, Thomson Locations: Moscow, Russia, MOSCOW, Ukraine, Bank of Russia, London

☆ Instant view: Russia's rouble weakens past 100 per US dollar
▼ + stars: | 2023-08-14 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

The Russian rouble fell past the psychologically key 100 per U.S. dollar threshold for the first time since March last year on Monday. FILE PHOTO: Russian rouble and U.S. dollar banknotes are seen in this illustration photo taken March 10, 2023. MICHAEL WANG, DEPUTY PORTFOLIO MANAGER, MIRABAUD ASSET MANAGEMENT“The rouble has been underperforming all this year, partly on lower oil revenues but also because of capital flight. “The rouble remains under the selling pressure in the current global environment dominated by concerns about China, which is Russia’s most important trading partner.”“The sharp fall in Russia’s current account surplus leaves the rouble more vulnerable to global sentiment. The CBR (Russian central bank) may have to raise interest rates further to cool down domestic demand and slow down imports to stabilize the rouble.”

Persons: Dado Ruvic, Vladimir Putin’s, MICHAEL WANG, TIMOTHY ASH, Nabiullina, ”, PIOTR MATYS Organizations: REUTERS, CBR Locations: Russian, Russia, POLAND, China, Russia’s

But it was the repeated use of the word holistic - or "bütüncül" - by the former Goldman Sachs banker and Turkey's first female central bank chief that caught most of the attention. "We are making the gradual and steady rate hikes more holistic and stronger through quantitative tightening and selective credit tightening," Erkan told the news conference. "Unless the credit and monetary tightening really kick in, investors would expect the central bank to hike more aggressively," he said. "She clearly wants to be the face of Turkish monetary policy making," said Neuberger Berman's Nazli. "We saw a person who seems to be capable of being a central bank governor, compared to previous governors, but cautious."

Persons: Goldman Sachs, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Turkey's, Kaan Nazli, Neuberger Berman, policymaker Mehmet Simsek, Tim Ash, Erdogan, Ash, Marek Drimal, Neuberger Berman's Nazli, swerved, Emre Akcakmak, Karin Strohecker, Libby George, Tomasz Janowski Organizations: Turkey's, Ministry, BlueBay Asset Management, Societe Generale, East Capital, Thomson Locations: Rosario, London

☆ CNBC Daily Open: Tech stocks were battered
▼ + stars: | 2023-07-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Elon Musk, CEO, CTO, founderElon Musk is CEO of Tesla and SpaceX; CTO of Twitter; founder of Neuralink, The Boring Company and now xAI. Tesla may have reported record revenue for its second quarter and beaten Wall Street's expectations for both profit and revenue. But Wall Street isn't completely cheering the electric vehicle maker because of its shrinking margins.

Persons: Dow, Tesla, Elon Musk, Timothy Ash Organizations: CNBC, Dow outperforms, Netflix, Nasdaq, Dow Jones, SpaceX, Twitter, The Boring Company, Chicago Board of Trade, Initiative, Agriculture, BlueBay Asset Management, Tesla Locations: Dow outperforms U.S

☆ Wheat prices jump after Russia pulls out of the Black Sea grain deal.
▼ + stars: | 2023-07-17 | by ( Liz Alderman | More About Liz Alderman | ) www.nytimes.com time to read: +1 min

The risk of a fresh uptick in global food inflation emerged Monday after President Vladimir V. Putin pulled Russia out of the Black Sea grain deal, sending wheat prices surging and exposing vulnerable countries in Africa and the global south in particular to the prospect of a new round of food insecurity. Chicago wheat futures, a barometer for global prices, jumped more than 4 percent as the Kremlin’s move once again jeopardized a key trade route to global markets for grain from Ukraine, one of the world’s major bread baskets. “It will hurt specific countries dependent on these exports,” Mr. Ash said. But beyond that, “it shows how weak Putin is after the Wagner coup: He is now desperate to take any bit of leverage he can.”The Black Sea Grain Initiative was struck a year ago to alleviate a global food crisis after Russia’s invasion of Ukraine, when Russia blocked ships from carrying the country’s grain out of its ports on the Black Sea. Those blockages swiftly sent grain prices soaring to record highs.

Persons: Vladimir V, Putin, Mr, Timothy Ash, Ash, Wagner, blockages Organizations: Wagner, BlueBay, Management, Initiative Locations: Russia, Africa, Ukraine, London, “

"We first need to see Zambia's updated macroeconomic package, which is in part why we have to get restricted," one of the sources said. There will be a restriction period of two weeks, with the option to extend it if both sides agree, two sources added. Amia Capital, Amundi, BlueBay Asset Management, Farallon Capital Management, Greylock Capital and T. Rowe Price comprise the steering committee. Besides net present value (NPV) reductions, talks will focus on how to incorporate the impact of a potential improvement of Zambia's debt carrying capacity, or its ability to handle debt payments. Including in the overhaul a mechanism that would allow for higher payments through coupon payments, debt maturities or a combination of both if Zambia's debt capacity improves was "sacrosanct", one of the sources said.

Persons: Weil, Rowe Price, Jorgelina, Rodrigo Campos, Karin Strohecker Organizations: Paris Club, Newstate Partners, BlueBay Asset Management, Farallon Capital Management, Greylock, Monetary Fund, Bank, IMF, World Bank, Thomson Locations: China, Ghana, Sri Lanka, Zambia, U.S, Amia, Rosario, London, New York, Lincoln

☆ Sweden is in the final stretch to NATO membership. But Turkey could yet derail it
▼ + stars: | 2023-07-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Turkish President Tayyip Erdogan arrives for a NATO summit in Madrid, Spain June 29, 2022. With much at stake for Turkey, Sweden, and the NATO alliance, whichever direction Turkey moves in will have significant consequences for them all. "Turkey's blockade on Sweden's NATO progression isn't a clear-cut ticket to economic fallout, but it is playing with fire," said Guney Yildiz, a researcher focused on Turkey and Syria. Russian President Vladimir Putin is expected to meet Turkey's President Recep Tayyip Erdogan on Thursday. "Either Turkey approves Sweden's NATO membership at Vilnius or it risks a major break in relations with the West and at a time when Turkey's macro is on the edge.

Persons: Tayyip Erdogan, Doce, —, Joe Biden, Recep Tayyip Erdogan, Washington, Erdogan, Biden, Ryan Bohl, Rane, Guney, Syria Erdogan, Vladimir Putin, Kamal Alam, Christine Olsson, Alam, Guney Yildiz, Yildiz, Timothy Ash, Ash Organizations: NATO, Reuters NATO, Nordic, Ankara, Turkish, East, CNBC, Russia, Kurdish Workers ' Party, Atlantic Council, Kurdish Democratic Society Center, Afp, Getty, ISIS, EU, Anadolu Agency, BlueBay Asset Management, West Locations: Madrid, Spain, Vilnius, Lithuania, Sweden, Turkey, Hungary, EU, Ankara, Turkish, North Africa, Finland, Ukraine, Russia, Syria, Moscow, Kyiv, Stockholm, Kurdish, Europe, East Syria

The latest drubbing in the world's biggest bond markets, which last year suffered a record rout, does not yet point to any dysfunction in the markets themselves, investors said. But in echoes of the volatile conditions seen during March's banking crisis, trading in euro zone benchmark German government bond futures were briefly interrupted on Thursday when bond yields spiked. U.S. and British 10-year yields were also set to end the week more than 20 bps higher , . ING said earlier on Friday that this week's data was strong enough to push yields higher even if jobs numbers interrupt the moves. "It won't be as bad as that, but higher rates and higher yields could lead to negative returns and pressure returns on equity markets."

Persons: Mike Riddell, Jan von Gerich, Mark Dowding, Gael Fichan, Fichan, BlueBay's Dowding, Yoruk Bahceli, Samuel Indyk, Harry Robertson, Hugh Lawson Organizations: U.S, Federal, Allianz Global Investors, Fed, of, European Central Bank, BlueBay Asset Management, Syz, ING, Global, Thomson Locations: Europe, United States, Australia, British, Germany, Britain, U.S, of England

☆ 'Much more needs to be done' to bring down Turkey's inflation, says Tim Ash
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Much more needs to be done' to bring down Turkey's inflation, says Tim AshBlueBay Asset Management's Timothy Ash says more needs to be done to bring down Turkey's inflation even as the country's monthly inflation came in lower than expected.

Persons: Tim Ash, Timothy Ash

☆ Turkey's inflation rate cools despite steep lira plunge
▼ + stars: | 2023-07-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's monthly inflation rate for June came in lower than expected, despite the continued collapse of the lira currency following the re-election of President Recep Tayyip Erdogan. Turkey's consumer price index rose 3.92% month-on-month, official data showed Wednesday. On a year-on-year basis, inflation rose 38.21%, also slightly lower than Reuters' forecasts of 39.47%. "The lira freefall starts to take its toll once again as it reignites cost pressures," he said. Ash added that the central bank will need to "work very hard to bring inflation meaningfully down from here."

Persons: Recep Tayyip Erdogan, Bartosz Sawicki, Timothy Ash, Ash Organizations: Reuters, CNBC

☆ Smaller-than-expected Turkey rate hike hits lira, bonds
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 22 (Reuters) - Turkey's new central bank governor Hafize Gaye Erkan delivered a smaller-than-expected interest rate hike at her first rate meeting on Thursday, sending the lira and the country's dollar-denominated sovereign bonds sharply lower. The bank lifted its key rate 650 basis points to 15% compared to the median of 21% expected in a Reuters poll. "On the other hand they are promising more tightening ahead... so you have to give them the benefit of the doubt." "I am more worried about the medium-term outlook which is likely to see further lira depreciation. TIM ASH, EM SENIOR SOVEREIGN STRATEGIST, BLUEBAY ASSET MANAGEMENT"Ouch - disappointing.

Persons: Hafize Gaye Erkan, PIOTR MATYS, Erkan, Erdogan, PETER KISLER, JON HARRISON, Amruta Khandekar, Ali Kucukgocmen, Marc Jones, Libby George, Karin Strohecker, Hugh Lawson Organizations: Thomson

☆ Turkey's central bank hikes interest rate to 15% in dramatic U-turn to tackle 40% inflation
▼ + stars: | 2023-06-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Residents waiting at a bus stop under a large Turkish flag in Istanbul, Turkey, on Sunday, April 30, 2023. Turkey's central bank jacked up the country's key interest rate Thursday, almost doubling it from 8.5% to 15% as the new economic administration of recently re-elected President Recep Tayyip Erdogan embarked on a dramatic monetary policy U-turn. The bank said that there will be further gradual monetary tightening until the inflation picture in the country improves. The whopping 650-basis-point rate rise is the country's first since March 2021, but was below analyst expectations of a 1,150-basis-point hike to 20%. Not enough," Timothy Ash, emerging markets strategist at BlueBay Asset Management, wrote in an note via email.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, Timothy Ash, — Organizations: Turkish, BlueBay Asset Management Locations: Istanbul, Turkey, Turkey's

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