|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||13.04 - 13.31|
|52-week range||11.35 - 32.23|
|Beta (5Y monthly)||1.44|
|PE ratio (TTM)||N/A|
|Earnings date||05 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||26 May 2020|
|1y target est||43.49|
(Bloomberg) -- Turkish authorities capped a tumultuous week in the financial markets by tightening monetary policy, helping to pull the lira back from a record low.The central bank on Friday stopped funding local lenders from its one-week repurchase rate, forcing the banks to borrow from a more expensive overnight window. If sustained, the move will amount to a 150 basis-point interest rate hike.While the measures eased some pressures on the currency, “the central bank still has more work to do,” analysts including Ned Rumpeltin at TD Securities in London, wrote in a note to clients. “Turkey’s monetary policy is too loose and we expect the central bank will be forced to hike rates dramatically — and possibly take other measures.”Regulators are also preparing to roll back rules that compelled lenders to boost credit, according to people familiar with the matter who spoke on condition of anonymity. The decision followed a Thursday night meeting of the banking regulator, central bank and top executives from the financial institutions, convened after the currency and stocks tumbled.Signs that Turkey is scaling back a campaign to support the economy by fanning credit demand helped the lira trim its worst week since April. A series of interest rate cuts since last year has helped pushed the nation’s current account into a deficit, risking a fresh bout of inflation, while also fueling demand for foreign currency.Amid the shift in policy, retail investors sold dollars and bought liras, paring bets against the local currency, according to two people with knowledge of the matter.Turkey’s Perilous Game With Financial Markets Reaches CrossroadsThe lira jumped as much as 1.6% to 7.1357 per dollar after earlier sliding to an all-time low of 7.3662. It was trading 0.7% stronger at 7.1998 as of 3:21 p.m. in London.The Borsa Istanbul 100 Index erased losses to trade up 0.2%. The yield on two-year government bonds jumped 73 basis points to 12.99%. The cost of insuring government debt against default dipped for the first time in four days, falling below 600 basis points.Window DressingStill, for some, the measures are an effort to avoid the harsh medicine of interest-rate increases, which would counter against President Recep Tayyip Erdogan’s wishes.“The danger is that all of this is just window dressing,” said Timothy Ash, a strategist at BlueBay Asset Management LLP in London. “Ultimately, only proper rate hikes will reassure markets.”Options Signal More Pain for Turkey’s Lira at Record Low: ChartThe banking regulator agreed to meet requests from lenders to lower the asset-ratio rule, the people familiar with Thursday’s meeting said. The asset ratio was introduced earlier this year to push financial institutions to step up lending, purchase government bonds and engage in swap transactions with the central bank.The regulator and the central bank declined to comment.Turkey Announces New Regulation To Boost Lending, Bond PurchaseIn response to this week’s financial-market upheaval, Turkey’s central bank said it will move gradually to withdraw the liquidity measures taken to support the economy during the global coronavirus pandemic.The government prioritizes an export-driven model and therefore doesn’t see a weaker lira as a source of risk unless the moves are excessive or too fast, according to a senior Turkish official familiar with the government’s thinking.Turkey Redraws Currency Defenses With Lira Hitting a Record LowIn a country where savings are disproportionately held in foreign currency, sharp moves in the U.S. dollar usually fuel criticism of economic management. Thursday was no exception with tens of thousands of Twitter users calling for resignation of Berat Albayrak, Erdogan’s son-in-law and the Minister of Treasury and Finance since July 2018.‘Hot Money’In response, government members and ruling AK Party supporters started a competing social-media campaign to support for the minister. Albayrak, who blamed turmoil in the lira in 2018 on foreign speculators, has repeatedly said he doesn’t want “hot money” and wants investors to park their money in local assets for longer.In the past two years, Turkey witnessed an almost steady outflow of foreign cash from stocks and bonds as regulators made it increasingly difficult for foreign banks to borrow liras. Thursday’s announcement to exempt global banks from such restrictions -- despite the strict conditions attached -- are a sign that authorities may have exhausted all their avenues.“Turkey may be recognizing that its pre-existing strategy was unsustainable,” said Phoenix Kalen, a strategist at Societe Generale SA in London. ‘We don’t believe that we’re likely to see an emergency rate hike enacted soon, as this would be an indefensible admission of failure in markets strategy,” or that the government will stop interventions, she said.(Updates with details, pricing throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Turkey’s lira tumbled to its lowest level against the dollar as interventions by state banks failed to keep a lid on the currency’s depreciation.At the root of the strains are concerns about the level of Turkey’s reserves and an aggressive monetary easing cycle that’s fueled an outflow of foreign capital. With pressure mounting on the currency, authorities have been leaning on state banks to bolster the lira with dollar sales, rather than raising interest rates or curbing the supply of credit.The central bank has delivered 1,575 basis points of interest-rate cuts in nine consecutive steps since July 2019, driving borrowing costs adjusted for inflation below zero. Meanwhile, state lenders channeled credit stimulus across the economy and policy makers injected liquidity by scooping up government bonds.Officials will likely use other tools before resorting to an interest-rate hike, such as imposing “strict limits” on dollar purchases for Turkish residents, or substantially raising taxes on these transactions, said Piotr Matys, a strategist at Rabobank in London.“Raising interest rates substantially would be an admission that the strategy -- of cutting interest rates well below levels that would be justified by the outlook for inflation and offsetting real negative interest rates with costly FX interventions -- has failed.”Read More: Global Investment Banks to Be Exempted From Turkey’s Lira LimitsThe lira fell as much as 3.2% on Thursday to 7.2775, and traded at 7.2270 versus the U.S. currency as of 2:40 p.m. in Istanbul, leading declines in emerging markets. The cost of insuring the nation’s bonds against default climbed to the highest in three months, while the main stock gauge lost 3.2%, making it the worst performer among developing-nation peers.In the view of analysts from Goldman Sachs Group Inc. and Oxford Economics, rate increases may be warranted soon. Others are less bearish, citing a shortage of liquidity in the offshore money-market engineered by authorities.The cost of overnight funding spiked to over 1,000% earlier this week, making it prohibitively expensive for foreign investors to borrow the currency and bet against it.“My sense is that there is more tolerance for currency volatility than there is for a drastic measure like an emergency rate hike,” said Phoenix Kalen, a strategist at Societe Generale in London. “And with the squeezes in the front-end rates, market participants are, needless to say, wary about getting burned trying to short the lira speculatively.”(Updates with background, analyst quotes)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
PRESS RELEASE REGULATED INFORMATION Paris, 5th August 2020Availability of the 2020 interim financial reportSociete Generale informs the public that a second amendment to the 2020 Universal Registration Document filed on 12th March 2020 under number D-20-0122, has been filed with the French Financial Markets Authority (AMF) on 5th August 2020 under number D-20-0122-A02.It includes in particular the information of the interim financial report for the first half-year 2020.This interim financial report comprises the following pages of the amendment: * financial statements as at 30 June 2020: pages 75 to 165 ; * interim management report: pages 3 to 44 ; * statement of the person responsible: page 179 ; * statutory auditors’ report on the financial information for the first half-year 2020: page 166.This document is made available to the public, free of charge, in accordance with the conditions provided for by the regulations in force and may be consulted in the “Regulated information” section of the Company’s website (http://www.societegenerale.com/en/measuring-our-performance/information-and-publications/regulated_information) and on the AMF’s website.Press contact:Corentin Henry _ +33(0)1 58 98 01 75_ email@example.com Societe GeneraleSociete Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 138,000 members of staff in 62 countries and supports on a daily basis 29 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses: * French Retail Banking which encompasses the Societe Generale, Crédit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation; * International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialised businesses that are leaders in their markets; * Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.Societe Generale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index. For more information, you can follow us on Twitter @societegenerale or visit our website www.societegenerale.comAttachment * Societe Generale-availability-of-the-2020-interim-financial-report