Turkey Wake-up call: Macro, Political and Equity News, 10th September
BIST increased 1.31% yesterday, recovering the bulk of Wednesday's sell-off. After some wobble in morning hours, BIST100 index started a gradual ascent after noontime and closed at its daily peak. Banks slightly outperformed with the 1.51% gain in their sector index. TOASO, FROTO, TUPRS, TCELL, CCOLA, HEKTS, ENKAI, AKSEN, and TTRAK topped the long list of gainers while SAHOL, PGSUS, SELEC, and LOGO were among the rare decliners in the BIST100 space. Today, our local macro agenda showcases unemployment statistics for July'21 to be released at 10AM local time. Seasonally-adjusted unemployment had declined a significant 2.5pp from a month ago to a 10.6% in June thanks to the 602k monthly increase in the number of employed along with a 222k decrease in labour force (labour force participation was sequentially down 0.5pp to 50.2%). BIST seems off to an uptick start as the sentiment in global markets has swung back to optimism. U.S. futures are up c.0.3% in early trades in partial recovery of the 0.7% overnight losses after we left while Asian equity markets are almost all trading in the green. Lira is a bit stronger with the USDTRY pair below the 8.45 mark vs 8.4703 at yesterday's closing bell.
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