TURKEY: Turkey Says Russia Has Committed Funds to Solve Nuclear Plant Delays
- Russian President Vladimir Putin told President Recep Tayyip Erdogan that the Russian state would transfer “very important financial resources” for work on the Akkuyu nuclear power plant, Turkish Energy Minister Alparslan Bayraktar said late Thursday in an interview with CNNTurk. He also said half of the LNG cargoes Turkey will receive from the US following a recent string of supply agreements will be on a free-on-board basis.
- A new TOBB “Breath Loan” support package has been announced, Ekonomi report. The loans, which will be available for a maximum of TRY 1.5m ($36,000) per company and with a maturity of up to 36 months, will carry an interest rate of 32-33%. The previous interest rate was 37-38%.
- According to 2Q results of the Cost-Based Competitiveness Index announced by Tusiad, Turkey’s export competitiveness remained at one of the lowest levels in the last 11 years, but showed a limited improvement.
- Central bank Governor Fatih Karahan attends an ECB panel in Amsterdam at 14:50BST/16:50 local time. No other data releases are scheduled for today following this morning’s CPI release.
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RATINGS: Bank Of America Look Into Eurozone Rating Risks
Bank of America note that “even if market expectations on Eurozone member states' GDP growth and public deficit have generally deteriorated (using Bloomberg consensus for ‘26 as a discriminator), the current rating agency guidance remains relatively balanced on the likelihood of upgrades or downgrades”.
- The believe that “on the side of upgrades, Ireland, Spain, Portugal and Italy are biased for upgrades, while Austria (perhaps in 2026), Belgium and France risk downgrades”.
GILT TECHS: (Z5) Bear Cycle Intact
- RES 4: 92.06 High Aug 14
- RES 3: 91.45 High Aug 15
- RES 2: 91.24 High Aug 18 and a key near-term resistance
- RES 1: 90.16/90.84 High Sep 2 / High Aug 28 / 29
- PRICE: 89.49 @ 08:22 BST Sep 3
- SUP 1: 89.42 Intraday low
- SUP 2: 89.22 1.618 proj of the Aug 21 - 27 - 28 price swing
- SUP 3: 89.00 Round number support
- SUP 4: 88.84 2.00 proj of the Aug 21 - 27 - 28 price swing
A bear cycle in Gilt futures remains in play and a fresh cycle low again on Tuesday reinforces current conditions.The contract has started today’s session on another bearish note. The continuation of the bear leg has resulted in a break of the 90.00 handle. Clearance of this level strengthens the downtrend. Sights are on 89.34 next, a Fibonacci projection. Initial firm resistance is at 90.84, the Aug 28 and 29 high.
GILTS: 30-Year Yields Near Next Upside Level
UK 30-Year yields have again hit the highest level since the late ‘90s, 5.735%. Moving average studies further underscore the bearish trend in long end UK paper/uptrend in yields. The 1.236 Fibonacci projection of the Jun 13-Jul 18-Aug 5 price swing nears (5.74%). The next projection of that move above there lies at 5.79%.
