土耳其伊斯坦堡100指数 (BIST100) 加自选

9月中旬，在法院将对主要反对党共和党领导层的裁决推迟到10月24日后，土耳其里拉稳定在41.2美元的历史低点附近。该案件的核心是据称该党2023年党代会中的违规行为及其当选领导层的罢免，最初定于9月15日。这一延迟为担心政治不稳定的投资者提供了一些暂时的缓解，受影响最严重的银行股引领了复苏。另外，数百名共和人民党成员，包括埃尔多安总统的主要政治对手伊斯坦布尔市长埃克雷姆·伊玛莫格鲁，仍被拘留，等待对涉嫌腐败和恐怖主义联系的广泛调查的审判。在货币方面，土耳其央行9月将基准一周回购利率下调250个基点至40.5%，略低于41%的预期。8月份年通货膨胀率降至32.95%，而2025年第二季度GDP同比增长4.8%。

The Turkish lira steadied around record lows of 41.2 per USD in mid-September after a court postponed until October 24 a ruling on the leadership of the main opposition Republican People’s Party. The case, centered on alleged irregularities in the party’s 2023 congress and the removal of its elected leadership, had initially been scheduled for September 15. The delay provided some momentary relief to investors concerned about political instability, with banking stocks—among the hardest hit—leading the recovery. Separately, hundreds of CHP members, including Istanbul Mayor Ekrem Imamoglu, President Erdogan’s chief political rival, remain in detention pending trial in a wide-ranging investigation into alleged corruption and terrorism links. On the monetary front, the Central Bank of Turkey cut its benchmark one-week repo rate by 250 bps in September to 40.5%, slightly below expectations of 41%. Annual inflation eased to 32.95% in August while GDP expanded 4.8% yoy in Q2 2025.

土耳其BIST 100指数在9月中旬反弹至10900点以上，此前法院将对主要反对党共和党领导层的裁决推迟到10月24日。该案件的核心是据称该党2023年党代会中的违规行为及其当选领导层的罢免，最初定于9月15日。这一延迟为担心政治不稳定的投资者提供了一些暂时的缓解，受影响最严重的银行股引领了复苏。另外，数百名共和人民党成员，包括埃尔多安总统的主要政治对手伊斯坦布尔市长埃克雷姆·伊玛莫格鲁，仍被拘留，等待对涉嫌腐败和恐怖主义联系的广泛调查的审判。在货币方面，土耳其央行9月将基准一周回购利率下调250个基点至40.5%，略低于41%的预期。8月份年通货膨胀率降至32.95%，而2025年第二季度GDP同比增长4.8%。

Turkey’s BIST 100 index rebounded above the 10,900 level in mid-September after a court postponed until October 24 a ruling on the leadership of the main opposition party, the Republican People’s Party. The case, centered on alleged irregularities in the party’s 2023 congress and the removal of its elected leadership, had initially been scheduled for September 15. The delay provided some momentary relief to investors concerned about political instability, with banking stocks—among the hardest hit—leading the recovery. Separately, hundreds of CHP members, including Istanbul Mayor Ekrem Imamoglu, President Erdogan’s chief political rival, remain in detention pending trial in a wide-ranging investigation into alleged corruption and terrorism links. On the monetary front, the Central Bank of Turkey cut its benchmark one-week repo rate by 250 bps in September to 40.5%, slightly below expectations of 41%. Annual inflation eased to 32.95% in August while GDP expanded 4.8% yoy in Q2 2025.

土耳其的经常账户盈余从去年同期的13.9亿美元扩大到2025年7月的17.7亿美元，结束了连续八个月的赤字。这一改善主要是由于服务账户盈余从77.1亿美元增加到80.2亿美元，而商品账户赤字从50.7亿美元缩小到46.4亿美元。相反，主要收入赤字从2024年7月的13.4亿美元扩大到14.6亿美元，而次要收入余额短缺1.6亿美元，扭转了一年前9000万美元的盈余。

Turkey’s current-account surplus widened to $1.77 billion in July 2025 from $1.39 billion in the same month of the previous year, snapping an eight-month run of deficits. The improvement was mainly driven by the services account surplus, which increased to $8.02 billion from $7.71 billion, while the goods account deficit narrowed to $4.64 billion from $5.07 billion. Conversely, the primary-income deficit widened to $1.46 billion from $1.34 billion in July 2024, while the secondary-income balance registered a shortfall of $160 million, reversing a $90 million surplus a year earlier.

9月份，土耳其BIST 100指数下跌近6%，跌破10700大关，受政治紧张局势加剧的拖累。银行和金融类股受到的打击最为严重。伊斯坦布尔一家法院裁定，现金支付影响了共和人民党（CHP）2023年伊斯坦布尔省议会的投票，并下令罢免在会上当选的领导层。定于9月15日对卫生防护中心提起的诉讼可能会进一步加剧风险。与此同时，土耳其央行在9月份降息250个基点，将基准一周回购利率降至40.5%，略低于41%的预期。在经济方面，8月份的年通货膨胀率降至32.95%，但仍高于市场预测的32.6%。与此同时，2025年第二季度GDP同比增长4.8%，为2024年第一季度以来的最快增速。

Turkey’s BIST 100 index lost nearly 6% to trade below the 10,700 mark in September, weighed down by mounting political tensions. Banking and financial stocks were among the hardest hit. An Istanbul court ruled that cash payments influenced voting at the Republican People’s Party’s (CHP) 2023 Istanbul provincial congress and ordered the removal of the leadership elected at the event. A case against the CHP set for September 15th could further escalate risks. Meanwhile, the Central Bank of Turkey delivered a 250bps rate cut in September, lowering the benchmark one-week repo rate to 40.5%, slightly below expectations of 41%. On the economic front, annual inflation eased to 32.95% in August but remained above market forecasts of 32.6%. At the same time, GDP grew 4.8% year-on-year in Q2 2025, the fastest pace since Q1 2024.