Turkey Wake-up call: Macro, Political and Equity News, 12th November
BIST eked out a 0.06% gain as the profit-taking in the afternoon erased earlier gains. Selling pressure was more evident in the banks that lost 1.42% on average with VAKBN and YKBNK underperforming. Strength in some non-financials like PETKM, ENKAI, FROTO, DOAS, SOKM, MAVI, ISDMR, KOZAL, KORDS, and BRISA kept the headline index afloat while EKGYO, THYAO, GUBRF, TRGYO, GLYHO, and DEVA were among the weaker spots. Today, our local macro agenda involves September'21 Industrial Production numbers due at 10AM local time. Bloomberg consensus +10.2% yoy based on the estimates for calendar-adjusted series and -0.7% mom based on the seasonally & calendar-adjusted series. Separately, CBT's monthly expectations survey will also be revealed at 10AM. We anticipate a sideways start for the BIST amid continued weakness in lira (USDTRY testing the 9.96 mark vs 9.8980 at yesterday's closing bell) that may be balanced out by the slight gains in global bourses. S&P futures are up c.0.15% in early trades while Asian equity benchmarks are mostly trading in the green.
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