Manufacturing PMIs (Jun.) & Turkey CPI (Jun.)

Last month’s batch of manufacturing PMIs in Emerging Europe suggest that growth in Central Europe remained robust at the end of Q2, while Turkey’s economy strengthened. Meanwhile, the sharper-than-expected fall in Turkish inflation last month, to 10.9% y/y, raises the risk that the central bank will begin to reverse its recent tightening cycle sooner than we had previously anticipated.

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