ANKARA, May 16 (Reuters) -Here are news, reports and events that may affect Turkish financial markets on Friday.

The lira TRYTOM=D3 was quoted at 38.8775 against the U.S. dollar at 0400 GMT, weaker than its close of 38.7305 on Thursday.

The main BIST 100 share index .XU100 closed 1.65% lower at 9,541.30 points on Thursday.

GLOBAL MARKETS

Asian stocks were ending a strong week on a softer note on Friday as the euphoria over U.S.-China trade talks faded, while revived bets for policy easing in the United States sparked a rally in beaten-down bond markets.

RUSSIA-UKRAINE TALKS

Russian and Ukrainian delegations are set to hold technical talks in Istanbul, marking the first direct discussions between the warring sides in three years after Russian President Vladimir Putin rejected a face-to-face meeting with Ukrainian President Volodymyr Zelenskiy.

Senior U.S. and Turkish officials will join the talks, which aim for a potential ceasefire to the deadliest conflict in Europe since World War Two.

A tripartite meeting between the Ukrainian presidential administration chief Andriy Yermak, Turkish officials including Foreign Minister Hakan Fidan, and U.S. Secretary of State Marco Rubio is expected.

This will be followed by a three-way meeting between Russian, Ukrainian, and Turkish delegations, also attended by Fidan.

UKRAINE BRIEFING

Ukrainian delegation is expected to brief the media after talks with Russia.

IRAN NUCLEAR TALKS

Iran will hold talks in Istanbul with European parties regarding their now-moribund 2015 nuclear deal, according to Iranian Foreign Minister Abbas Araqchi.

ERDOGAN SCHEDULE

President Tayyip Erdogan will attend the 6th summit of the European Political Community in Albania and a youth event in Istanbul.

VICE PRESIDENT YILMAZ

Vice President Cevdet Yılmaz will attend the launch event of the Cyprus Tourism Master Plan in Istanbul. (1130)

CENTRAL BANK SURVEY

The Central Bank will release the results of its Market Participants Survey for May. (0700)

ECONOMIC DATA

Turkish Statistical Institute (TUIK) will release housing sales statistics for April and labour force statistics for Q1. (0700)

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Turkish equities TR-E

Turkish money TR-M

Turkish debt TR-D

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Istanbul National-100 stock index .XU100, interbank lira trading IYIX=, lira bond trading 0#TRTSYSUM=IS

(Compiled by Ece Toksabay)

A look at the day ahead in European and global markets from Stella Qiu

The week started with a bang but by Friday the risk-on rally - supercharged by a China-U.S. trade truce - was wearing thin as traders grew wary that the rebound had overshot and that more twists and turns lie ahead in the trade saga.

Wall Street and European stock futures are little changed while Asian shares are mixed. Hong Kong's Hang Seng index .HSI fell 0.8%, weighed down by Alibaba's 9988.HK more than 5% tumble after its earnings failed to impress investors. Australian shares fared better, rising 0.7%.

The stock market now seems to be acting as if the tariff war never happened. The MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS is hovering just below a seven-month top. Even Chinese blue chips .CSI300 have recovered all of the losses since April 2 when President Donald Trump announced "reciprocal" tariffs - since put on hold - on the rest of the world.

Beaten-down bond markets cheered an unexpected fall in U.S. producer prices and a soft core retail sales print, prompting investors to nudge up their rate cut outlook for the Fed, pricing in a total of 56 basis points in rate cuts for this year, up from 49 bps.

Ten-year benchmark Treasury yields US10YT=TWEB fell 3 basis points to 4.424% on Friday, extending a 7 bps decline overnight.

Trump has meanwhile been busy in the past few days talking up deals in the Middle East, including a potential nuclear deal with Iran. Trump's comments that a deal was near sent oil prices tumbling 2% on Thursday.

The broader markets are keen, however, for progress in trade talks with China and details of more trade deals with other countries after an agreement with Britain.

Let's not forget tariffs are still a lot higher than before Trump began his crusade on trade, and the highest since the 1930s.

Walmart WMT.N, the world's largest retailer, said it would have to start raising prices later this month due to the high cost of tariffs, pointing to more pain ahead for U.S. consumers.

Although the latest U.S. price data looked benign, it might be just a matter of time before the impact of tariffs starts to show up in the hard numbers that the Federal Reserve has said it needs to see before considering its response to trade-related uncertainties.

The economic calendars in Europe and the U.S. are a bit thin. U.S. releases on Friday include import prices for April and the University of Michigan consumer sentiment survey, which might be useful for gauging the impact of Trump's tariff manoeuvring.

Key developments that could influence markets on Friday:

- University of Michigan consumer sentiment survey

- U.S. import prices for April

By Stella Qiu; Editing by Edmund Klamann

** Shares of GrainCorp GNC.AX up 0.8% at A$7.84

** The grain handler posted 1H25 underlying NPAT A$69.1 million ($44.38 million) on Thursday, "modestly ahead" of Bell Potter's expectations of A$68.2 million

** Brokerage hikes NPAT estimate by 5% for fiscal 2025

** Bell Potter, however, trims NPAT estimate by 8% and 3% for fiscals 2026 and 2027, respectively, on higher Canadian losses

** Retains "hold" recommendation and target price of A$7.45

** UBS also hikes FY26 EPS estimate by 11%, notes GNC's resilience in a trade war backdrop

** We think the key factor that will determine the extent of earnings upside is the margin backdrop, which seems to remain impacted by elevated global grain supply - UBS

** Brokerage marginally hikes price target to A$8.6 from A$8.5, retains "buy" tag

** GrainCorp stock up 6.8% YTD, including current session's moves

($1 = 1.5571 Australian dollars)

Reporting by Nikita Maria Jino in Bengaluru

NAIROBI, May 16 (Reuters) -The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

- - - - -

Adds more details from FAA, background in paragraphs 3-9

By David Shepardson

WASHINGTON, May 15 (Reuters) -The Federal Aviation Administration onThursday said it approved license modifications for the SpaceX Starship Flight 9 mission, but did not immediately allow it to fly.

SpaceX will not be allowed to launch until the FAA either closes its Starship Flight 8 investigation or makes a return to flight determination, the FAA added.

The approval also included allowing SpaceX to increase the number of launches at Boca Chica, Texas, from five to as many as 25, a decisionfirst announced in March.

Starship Flight 8exploded in space in early March, shortly after it began spinning uncontrollably with its engines cut off. The incidentdisrupted about 240 flights, with space debris concerns requiring more than two dozen of those planes into diversions.

The FAA said it was reviewing the mishap report SpaceX submitted on May 14, and that it would expand the size of aircraft and maritime hazard areas in the United States and other countries for the Starship Flight 9 mission.

The decision is a result of the FAA requiring SpaceX to revise the Flight Safety Analysis following the March explosion and because SpaceX plans to reuse a previously launched Super Heavy booster rocket for the first time.

The March incident was the second straight failure of a SpaceX test launch, and came just over a month after the seventh also ended in an explosion. Both incidents occurred in early mission phases that SpaceX has easily surpassed previously, a setback for a program Elon Musk sought to accelerate this year.

The Starship 9 launch will affect air routes extending 1,600 nautical miles eastward from Texas through the Straits of Florida. Both the Bahamas and Turks and Caicos are expected to close their airspace up to 6,000 feet (1828.8 m) and the FAA will close the airspace above that. The FAA estimates 175 flights will be affected.

SpaceX's 403-foot rocket system is central to Musk's plan to send humans to Mars as soon as the turn of the decade.

Reporting by Costas Pitas and David Shepardson; Editing by Chris Reese and Kate Mayberry

SHANGHAI, May 16 (Reuters) -China's yuan firmed against the U.S. dollar on Friday, underpinned by a broadly weaker greenback and improved sentiment following a Sino-U.S. tariff truce, as traders kept a close eye on the daily fixing for clues on Beijing's currency stance.

The dollar fell in tandem with U.S. Treasury yields on Friday after downside surprises on U.S. economic data this week cemented bets of more Federal Reserve rate cuts this year.

Also supporting yuan sentiment, a slew of investment banks including Citi and UBS raised their China GDP forecasts for 2025 after the world's two largest countries agreed to a 90-day deal to slash reciprocal tariffs in a substantial de-escalation of a potentially damaging trade war.

"Buoyed by market optimism driven by tariff developments, the yuan may remain strong against the U.S. dollar for much of the time in the short term," said analysts at Nanhua Futures.

But once the sentiment fades, the yuan is likely to resume two-way fluctuations, they said.

Prior to the market opening, the People's Bank of China set the midpoint rate CNY=PBOC, around which the yuan is allowed to trade in a 2% band, at 7.1938 per dollar, 147 pips firmer than a Reuters' estimate.

The PBOC has set the yuan's daily fixings much closer to Reuters estimates this week than in the past six months, significantly narrowing the gap — a move viewed as an effort to avoid rapid gains in the currency.

Lemon Zhang, a strategist at Barclays, said the fixes suggested the PBOC was trying to avoid a repeat of the recent sharp moves seen in the Taiwan dollar TWD=.

Bullish bets on the Taiwan dollar surged to their highest since late 2020 after the currency posted its steepest one-day gain in nearly four decades last week, as traders wagered Taipei might permit appreciation to smooth trade relations with Washington.

The spot yuan CNY=CFXS opened at 7.2037 per dollar and was last trading at 7.2020 as of 0259 GMT, 47 pips firmer than the previous late session close and 0.11% weaker than the midpoint.

Zhang estimated that as much as $100 billion in corporate conversion flows from exporters could be triggered if the offshore yuan strengthens beyond the 7.10–7.15 range, a move she said could pave the way for a rapid shift toward 7.00.

The offshore yuan traded at 7.1992 yuan per dollar CNH=, up about 0.09% in Asian trade.

The dollar's six-currency index =USD was 0.099% lower at 100.67.

LEVELS AT 0258 GMT

Reporting by Shanghai Newsroom
Editing by Shri Navaratnam

** Kaynes Technology India KAYN.NS rises 5% to 6,612 rupees, highest since January 21

** Electronics maker's Q4 consol profit jumps 39% Y/Y, helped by a strong order book; rev up 50.7%

** Stock rated "buy" on avg; median PT is 5508.5 rupees, per data compiled by LSEG

** KAYN falls 10.6% YTD

Reporting by Aleef Jahan in Bengaluru

Recasts with comments, updates prices, adds bullets

By Colleen Howe and Siyi Liu

BEIJING/SINGAPORE, May 16 (Reuters) -Oil prices held steady on Friday, heading for a second consecutive weekly gain due to easing U.S.-China trade tensions though a potential return of Iranian supply limited price gains.

Brent crude LCOc1 futures dipped 1 cent to $64.52 a barrel by 0326 GMT. U.S. West Texas Intermediate crude CLc1 futures added 2 cents to $61.64.

Both contracts fell more than 2% in the previous session following a selloff due to the rising prospect of an Iranian nuclear deal.

President Donald Trump said the U.S. was nearing a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve.

ING analysts wrote in a note that a nuclear deal lifting sanctions would ease supply risk, allowing Iran to increase oil output and find more willing buyers for its oil. That could result in additional supply of around 400,000 barrels per day (bpd), they said.

Despite the potential supply pressure, both Brent and WTI were up 1% so far this week, after a surge earlier in the week. Sentiment got a boost after the U.S. and China, the world's two biggest oil consumers and economies, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty reciprocal Sino-U.S. tariffs had raised fears of a sharp blow to global growth and oil demand.

Analysts at BMI, a unit of Fitch Solutions, maintained their forecasts for Brent to average $68 per barrel in 2025 and $71 per barrel in 2026, down from 2024's $80 per barrel, citing the uncertainty of trade policy on the price outlook.

"While the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside," the analysts said in a research report.

Adding to market concerns was an expected surplus.

The International Energy Agency on Thursday hiked its 2025 global supply growth forecast by 380,000 bpd, as Saudi Arabia and other OPEC+ members unwind output cuts.

The IEA also projected a surplus for next year, despite a minor upward revision of its 2025 global oil demand forecast by 20,000 bpd.

Investors were also watching for signs of interest rate cuts by the Federal Reserve, which could bolster the economy and oil demand.

Earlier this week, data from the U.S. Energy Information Administration showed a bigger-than-expected jump in crude stockpiles, heightening demand concerns in the world's biggest oil consumer.

Reporting by Colleen Howe in Beijing and Siyi Liu in Singapore; Editing by Jacqueline Wong

Updates prices; adds analyst comment, context

BEIJING, May 16 (Reuters) - Chicago soybean futures are set for a weekly gain on Friday after two straight weeks of decline, as a China-U.S. tariff pause sparked hopes for increased Chinese demand, although uncertainty over the shape of a final trade deal lingered.

Soybean contract Sv1 rose 0.24% to $10.54 a bushel, asof 0336 GMT on Friday. Prices are up 0.14% for the week.

Prices had been under pressure following a sharp drop in soyoil during the previous session caused by concerns over U.S. biofuel targets and lower crude oil prices.

Soybeans rebounded after the U.S. Environmental Protection Agency (EPA) sent its proposal to the White House for review on future biofuel blending mandates starting in 2026.

"There are expectations that this will be positive for soy, as a way to assist producers impacted by Trump tariffs," said Andrew Whitelaw, agricultural consultant at Episode 3.

Wheat Wv1 is set for its first weekly gain in four weeks, as low prices continue to attract buying interest.

U.S. export sales of wheat for the week ended May 8 totalled 804,800 metric tons, at the higher end of analyst expectations, according to the U.S. Department of Agriculture.

Saudi Arabia issued a tender to buy 655,000 metric tons of wheat for August-October shipment period, the General Food Security Authority said on Thursday.

Corn Cv1 gained 0.28% to $4.49-6/8 a bushel and is on track for a weekly gain after declining for three, supported by robust demand and favourable weather.

Weekly export sales of corn totalled 2,186,100 metric tons for the week ended May 8, above a range of analysts' expectations, according to USDA.

Meanwhile, Brazil'ssecond-corn farmers are poised to increase production by 11% this year to an estimated 99.8 million metric tons, national crop agency Conab said on Thursday, citing good weather in key growing regions.

Commodity funds were net sellers of Chicago Board of Trade soybean, soyoil, soymeal and corn futures contracts on Thursday, traders said. They were net buyers of wheat futures, traders said. COMFUND/CBT

Reporting by Ella Cao and Lewis Jackson; Editing by Sherry Jacob-Phillips and Eileen Soreng

** Bharti Airtel BRTI.NS down 2.6% to 1,819.5 rupees; among top losers on Nifty 50 .NSEI, which is trading 0.25% lower

** Singapore Telecommunications STEL.SI expected to sell shares worth $1 billion in BRTI on the day through block deals, Business Standard newspaper reports, citing sources

** Southeast Asia's largest telecom operator, SingTel, looking to sell 47.6 mln Airtel shares at floor price of 1,800 rupees, a 3.6% discount to stock's last close, report adds

** STEL and BRTI did not immediately respond to Reuters requests for comments

** CLSA says stake sale shouldn't come as surprise as it's part of STEL's efforts to equalise shareholding with the Mittal Group in BRTI

** YTD, BRTI gains 14.4%

Reporting by Manvi Pant in Bengaluru

May 16 (Reuters) -Nvidia NVDA.O is seeking to build a research and development center in China, and the company's top boss Jensen Huang discussed the plan with Shanghai's mayor Gong Zheng when they met in April, the Financial Times reported on Friday.

Reporting by Gursimran Kaur in Bengaluru; Editing by Mrigank Dhaniwala

May 15 (Reuters) -Canadian oil and gas producer Strathcona SCR.TO said on Friday that it will initiate a takeover bid for MEG Energy Resources MEG.TO in a deal that values the Canadian energy firm at C$5.93 billion ($4.25 billion), according to Reuters calculations.

($1 = 1.3944 Canadian dollars)

Reporting by Ananya Palyekar in Bengaluru; Editing by Nivedita Bhattacharjee

Recasting with union declaring strike will begin after talks deadlock

By Joseph Ax

PRINCETON, New Jersey, May 15 (Reuters) -New Jersey's commuter rail engineers will walk off the job early on Friday after 11th-hour contract talks with the third-largest U.S. public transit system stalled just ahead of a midnight deadline set for meeting their wage demands, the workers union said late on Thursday.

The first labor strike against the New Jersey Transit agency in more than 40 years was set to go into effect at 12:01 a.m. EDT(0401 GMT) on Friday, the Brotherhood of Locomotive Engineers and Trainmen said in a statement.

The union, which represents 450 NJ Transit engineers who drive the agency's commuter trains, said a marathon 15-hour bargaining session on Thursday broke off when management negotiators walked out of the talks at 10 p.m.

The union announcement came asNew Jersey Governor Phil Murphy and NJ Transit's Chief Executive Officer Kris Kolluri were holding a news conference, telling reporters talks had "paused" but that management remained willing to return to the bargaining table at any time.

They also outlined the agency's contingency plans for dealing with a strike that is expected to idle trains serving hundreds of thousands of commuters in New Jersey and New York.

Reporting by Joseph Ax in Princeton, New Jersey; Additional reporting by Steve Gorman in Los Angeles; Editing by Aurora Ellis and Christian Schmollinger