Thursday, September 2, 2010
Just wanted to use the 15 min. I have until breakfast to revive my Econnews Roundup:
As a followup to my post on the referendum, Daily News claims there is a tight race going on. As I argued yesterday, even a tight "yes" victory will be market-negative in the short-term (and in the long-term as well if the AKP decides to open up the coffers).
FinMin praises economic recovery. I find it funny that his comments just came after the latest statistics, such as PMIs, capacity utilization and real sector confidence, confirmed the slowdown in the pace of recovery. And Turkey is supposed to make a difference by reducing its debt, according to him. I wonder if discarding the fiscal rule is the right way to go about doing that...
TEA, which has been gracing my columns of late, releases August preliminary export data. Here's an interesting take on the data, making comments on the current account without waiting for any indicators on the imports. Really, hasn't anyone told these guys that Turkey's CAD widens during periods of growth (I am not implying any causality here, just a statistical fact). Maybe, they should just stick to reporting and leave economic analysis to the big boys:)...
Last but hopefully not the least, I am sure you noticed it already, but your friendly neighborhood economist wrote two columns for Hurriyet Daily News this week, one being his first ever editorial.
OK, enough morning fun- off to breakfast.