Turkey Wake-up call: Macro, Political and Equity News, 11th December
BIST closed 0.23% higher yesterday after a day mostly spent in the positive territory. After an uptick open, BIST100 gradually climbed to 1,367 level at around 3:15PM and saw its gains fizzling out after this hour. The benchmark briefly slipped to negative territory before staging a rebound in the last 45 minutes of the session. Banks outperformed for the second day in a row with their sector gauge climbing 0.99%. GARAN, TUPRS, SISE, TTRAK, AKSA, LOGO, OTKAR, ULKER, and ODAS topped the gainers while EKGYO, EREGL, TCELL, TTKOM, SAHOL, SELEC, AEFES, MPARK, and AKCNS were among the weakest spots. Coming to this morning, the major headline is various reports that the U.S. will soon announce sanctions on Turkey under the act known as CAATSA for its purchase of Russian S-400 air-defence systems. Bloomberg says President Trump has signed off on a package of measures recommended by Secretary of State Michael Pompeo; however the details were not disclosed. And according to Reuters, the sanctions would target Turkeys defence industry, adding they would be damaging but narrower than the severe scenarios some analysts have outlined. On the macro front, October'20 Balance of Payments data are due 10AM local time. Bloomberg survey puts the monthly CA deficit at USD0.10bn vs the USD2.92bn surplus recorded for the same month of 2019. BIST seems off to a negative start given the reports of sanctions and the ensuing weakness in lira (USDTRY at 7.9020 levels vs 7.8692 at yesterday's closing bell). U.S. futures are down a few points while Asian equities are trading mixed.
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