Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Instagram Outage Disrupts Thousands of U.S. Users 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
US-India Trade Bombshell: Tariffs Slashed to 18% — Rupee Soars, Sensex Explodes 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
International banks have revised their inflation expectations for Turkey following encouraging June CPI data. Consumer prices rose by 1.64% from May, with the annual inflation rate dropping from 75.45% to 71.60%. Finance Minister Mehmet Şimşek declared the start of a disinflation process.
International Banks Lower Turkey's Inflation Forecasts as June CPI Shows Positive Economic Shift
The encouraging June CPI estimate has prompted international banks to revise their inflation expectations for Turkey, signaling a positive turn for the Turkish economy.
Consumer prices increased by 1.64 percent from May last month, which was lower than expected. The annual inflation rate also significantly decreased, from 75.45% to 71.60%, indicating a stabilizing economy.
Finance Minister Mehmet Şimşek, in a positive tone, declared that 'The disinflation process has begun,' in response to the latest inflation numbers, instilling confidence in the future of the Turkish economy.
Monthly producer prices increased by 1.38, resulting in an annualized increase of 50%. Şimşek stated that the most recent inflation is by the end-of-year objective.
The government's medium-term inflation target for 2024 is 33 percent. In May, the Central Bank increased its inflation forecast for the end of 2024 from 36 percent to 38 percent.
Global Banks Adjust Turkey's Inflation Forecasts Downward After Positive June CPI Data
Following the June inflation statistics publication by the Turkish Statistical Institute (TÜİK). JP Morgan has revised its inflation forecast for Turkey from 43.5 percent to 42.5 percent for the end of 2024. Additionally, the bank reduced its 2025 forecast from 25.2 percent to 25 percent.
Goldman Sachs, another significant global bank, contended that inflation may increase in July; however, it anticipates it will decline to 36 percent by the year's conclusion.
Morgan Stanley has reduced its inflation forecast for 2024 from 43.4 percent to 42.4 percent, a decrease from the previous estimate. The bank anticipates that Turkish inflation will decrease to 25.2 percent in the upcoming year, according to Hürriyet Daily News.
In a report, HSBC economists stated that the June CPI estimate highly favors the Turkish central bank, which provides a positive outlook for the economy, and the Turkish Lira, which suggests a potential currency strengthening.
They concluded that the June CPI estimate is unquestionably a positive outcome from the perspective of monetary policy and its credibility.
Photo: Microsoft Bing
