Turkey Wake-up call: Macro, Political and Equity News, 12th February
BIST inched down 0.10% yesterday as late-afternoon weakness erased earlier gains. BIST100 index touched its daily peak of 1,558 around mid-day and spent the bulk of the day in positive territory except for incursions below the no-change line during the first and last hours of the session. Banks seemed to be the culprit with the 1.67% loss in their sector index amid institutional selling in heavyweights GARAN and AKBNK. KOZAA, IPEKE, YATAS, DOHOL, AKSA, DOAS, AYGAZ, TAVHL, TTRAK, and FROTO led the non-bank gainers while grocery chains, REITs, AKCNS, VESTL, ISGYO, KORDS, and NETAS were among the weak spots. Today, we have a busy local macro agenda starting with December'20 Balance of Payments data due 10AM local time. Bloomberg survey puts the monthly CA deficit at USD3.70bn vs the USD2.73bn deficit recorded for the same month of 2019. December'20 Industrial Production numbers are also due 10AM. Bloomberg consensus +8.3% yoy based on the estimates for calendar-adjusted series and +0.9% mom based on the seasonally & calendar-adjusted series. Lastly, CBT's monthly expectations survey will also be revealed at the same time. BIST seems headed for a flattish start given mixed signals from global peers while lira remains stable with USDTRY pair cruising around the 7.03 mark. U.S. futures are down a few points while Asian equity markets are trading with small changes and in different directions.
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