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Turkish Manufacturing Conditions Worst Since August 2011

Business conditions in Turkish manufacturing worsened in July, with a reading of 49.4 signaling a contraction for the first time since March, the HSBC purchasing managers' index showed.

The index fell to the lowest level since August last year from 51.4 in June, Markit Economics and HSBC Holdings Plc said in an e-mailed report today. Anything above 50 indicates an expansion and below 50 a contraction.

“Both output and new orders decreased in July,” they said. “New business fell for the fourth month in 2012 so far following stagnation in June. A number of panelists reported that weakness in European markets had prevented stronger growth of new export business.”

Turkey’s economic growth is slowing from an annual expansion of 8.5 percent last year. The economy shrank 0.4 percent quarterly in the first three months, the first contraction since March 2009, after the crisis in the euro zone intensified and the central bank tightened monetary policy to slow consumer demand for imports that had widened the current account deficit to a record.

Yields on benchmark two-year bonds fell four basis points, or 0.04 percentage points, to 7.58 percent at 10:33 a.m. in Istanbul, the lowest level since January 2011. The lira strengthened 0.2 percent to 1.7923 per dollar. The main ISE National 100 share index climbed 0.3 percent to 64,481.16.

Employment is rising, though at a weaker pace, HSBC and Markit Economics said in the report. Output prices declined for the first month since November 2009, they said.

Consumer confidence in Turkey declined to 94.6 in July from 96.3 in June, CNBC-e television reported from Istanbul today citing a survey it commissioned.

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