Key events in EMEA and Latam in the next two weeks

Annual inflation in Turkey recorded a sharp increase in November on the back of higher food and transportation prices. This reflected increasing cost-push factors, still strong domestic demand and elevated services inflation, which is highly sticky at current levels. It will likely remain sticky around these levels in the near term before an improvement in the second quarter of next year. Given the Central Bank of Turkey's change in direction and hawkish tone of Governor Naci Agbal’s latest remarks in the introduction of the bank’s 2021 monetary and FX policy framework, we expect a 150 basis point hike to 16.5% at December rate setting meeting.