Turkey Wake-up call: Macro, Political and Equity News, 11th March
BIST inched down 0.03% yesterday after a volatile day as morning gains turned into losses in the afternoon given that the talks between top diplomats of Russia and Ukraine yielded no results. However, a last hour rebound led to an almost flat close for Turkish stocks despite the weakness in European peers. Banks were weaker with the 1.02% drop in their sector index amid weakness in YKBNK and AKBNK while HALKB managed to close higher for the day. TUPRS, KRDMD, ISMDR, DOAS, ENKAI, KOZAL, ARDYZ, and KARSN were among the fewer gainers in the BIST100 universe while ASELS, FROTO, CCOLA, TTKOM, EKGYO, LOGO, and KORDS topped the decliners. Today, we have a heavy local macro agenda starting with the January'22 Balance of Payments data due 10AM local time. Bloomberg survey puts the monthly CA deficit at USD7.30bn vs the USD1.78bn deficit recorded for the same month of 2021. January'22 Industrial Production numbers are also due at 10AM. Bloomberg consensus +8.4% yoy based on the estimates for calendar-adjusted series and -2.2% mom based on the seasonally & calendar-adjusted series. Lastly, CBT's monthly expectations survey will be revealed at 10AM local time too. We foresee a slight negative open for the BIST this morning given prevailing risk-off mood in global markets. U.S. futures are down c.0.2% in early trades and Asian bourses are almost all trading in the red.
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